Divorce

[credulouswoman]

If a couple gets married then purchases a home together when they get divoriced is it possible that one or the other would be able to keep the home even tho they purchased it together

 

[Pheonix]

i kept my house after my divorce, but i had to refinance it into my own name so that if i defaulted on the loan he wouldn't be held responsible. In addition, I had to buy him out of his share of the house (the house had 20K in equity which i had to take out and give to him) and he signed a quit claim deed so that he no longer had any rights to the property. That was just my experience so i don't know how it would work in your case. I'm in illinois. Just keep in mind if you do buy him out of his share of the house that he signs a quit claim because just getting his name off the mortgage doesn't take him off the deed and as long as he is still on the deed, supposedly he has rights to property. That was the gist of what my lawyer told me, you'd want to work with your lawyer to determine your options and rights. i am not a lawyer or anyone else with legal background.

 

[irish223]

It's possible.

The one who gets the house often has to buy out the other's share of the house.

In some cases, the custodial parent is awarded the house for x number of years, after which time the CP has to buy out the other, or the house is sold.

Also, if there are additional marital assets, then those assets may be divided so that one person gets the house and the other gets a larger share of the other assets.