Hey guys, I’m married with two kids and looking to divorce my husband of 10 years. We bought our house together, both our names are on the deed, but only my name is on the mortgage. I moved out in September, and he makes significantly less than I do, so I doubt he can afford to keep the house. I’m trying to figure out what happens to the house when we separate. If I move out, can I still try to keep it? Do I need to buy him out? Does the mortgage need to be refinanced? I want to file for separation in January but I’m unsure what to do.
Double check if your mortgage paperwork includes anything that says he has no claim to the house. Some people have to sign documents to waive claims for financing.
You might be able to keep the house, but he’s likely entitled to some equity. You’d need to buy him out, but if it’s only your name on the mortgage, refinancing might not be necessary unless you need funds to buy him out.
Does he know you want a divorce? It’s better to come to an agreement. Do you have any real equity in the house? That’s what he might be entitled to.
He knows, but after a recent argument, I doubt he’ll be reasonable. We refinanced in 2021, so I think there isn’t much equity. I can’t afford to buy him out outright but might consider cashing in retirement funds.
You can check your house value online and start negotiating. Since the mortgage is in your name, you just need him to sign a quit claim deed.
You’ll need to figure out what works best for both of you. If he can’t buy you out, you may be able to negotiate him signing over the house to you.