Couples in Ohio who are getting a divorce might wonder how they will handle a shared home. If neither wants to live in the house, selling it might seem like the easiest solution. It allows a couple to end any financial entanglement and start fresh. However, it could bring complications. How quickly or for how much profit the house sells may depend upon how healthy the local housing market is. A couple could sell the home and still owe money on the mortgage.
With these points in mind, one person might decide to keep the home. This decision might also be influenced by a desire to keep children in a more stable situation. There are two ways to approach this. One spouse might sign a quitclaim deed. The other will need to refinance based only on their income.
The other option is to try to assume the existing mortgage. This still involves a quitclaim deed for the other spouse, and a person will still need to get approved for the mortgage on their single income. The cost of this may vary depending in part on how much the home is worth.
For a person who is considering keeping the home, there are a number of points to keep in mind. One is that living in the home may be more difficult emotionally than they imagine it will be. Another is that even if they qualify for the existing mortgage or a refinance, they might struggle with other expenses such as property tax, upkeep and utilities. Finally, a person should think carefully before agreeing to an exchange of property during divorce proceedings such as allowing their spouse to keep the retirement account while they keep the home.