When homeowners divorce, they often disagree with one another about who should stay in their marital home. Factors including financial stability, custody arrangements and even physical health can influence who ultimately stays in the marital home.
Occasionally, the best solution for homeowners is to continue their arrangement as joint owners. What are some of the reasons people might choose own a home jointly post-divorce?
1. Birdnesting
Birdnesting is a unique type of custody arrangement. The children stay in the family home, and the parents stay in the home during their custody time. Birdnesting can be effective for those who might live with friends or family but may not have space for their children at their new homes. It can also be especially helpful for those with children enrolled in a highly competitive local school district.
2. Market or repair issues
Perhaps the local real estate market is soft when people file for divorce, leaving them at risk of losing equity. Maybe the property still needs significant repairs to secure a reasonable sale price. Couples may negotiate arrangements in which they continue joint ownership until the market becomes more favorable or they get the property into optimal condition.
3. The need for income
Some divorcing couples, especially those with children, might agree to rent out their family home during and after divorce. They can then use the proceeds from renting the property to support their children and transition to independent households.
Spouses planning to retain joint ownership of a home typically need thorough agreements to prevent future conflicts and financial setbacks. Discussing possible property division goals with an attorney can help people find divorce solutions that work well for their unique situations accordingly.