Selling a Home in a Divorce When One Spouse Wants to Stay

When divorcing couples are both on the deed and one spouse wishes to keep the home, they must consider several factors to ensure a fair and amicable solution:

1. **Evaluate Affordability**: The spouse who wants to keep the home needs to evaluate their financial situation and determine whether they can afford the mortgage payments, property taxes, insurance, and maintenance costs on their own.
2. **Refinance the Mortgage**: If the spouse decides to keep the home, they may need to refinance the mortgage to remove the other spouse from the loan. This can be done through a cash-out refinance, where the spouse keeping the home buys out the other spouse’s equity.
3. **Hire Appraisers and Attorneys**: An appraiser can provide a professional assessment of the property’s value, which can help determine an equitable buyout amount. Attorneys can draft a legally binding agreement that outlines the terms of the buyout.