Who gets the house in a divorce?

The family home is often the most significant asset in a divorce, and what happens to it depends on several factors. In general, there are three common outcomes: one spouse buys out the other's interest, the home is sold and proceeds are divided, or one spouse is awarded exclusive use for a period of time (often until children reach a certain age).

Courts typically consider several factors when determining what happens to the home: whether children are involved and where they will primarily live, each spouse's ability to afford the mortgage and upkeep, whether the home is separate or marital property, and the overall property division in the case.

If one spouse wants to keep the home, they generally need to refinance the mortgage in their name alone and compensate the other spouse for their share of the equity. This often means the spouse keeping the home receives a smaller share of other assets to balance the division.

In community property states, the equity in the home (market value minus mortgage balance) is generally split equally. In equitable distribution states, the split may not be exactly 50/50 but should be fair based on the circumstances.

It is worth noting that wanting to keep the family home and being able to afford it are two different things. A thorough financial analysis is often essential before making this decision.

DIVORSAY's ClearSplit calculator helps you see exactly how keeping or selling the house would affect your overall financial picture.