We own a home together. If divorce is filed, does either one of us need to move out? If one does, does the other get the house? What would be the wisest move? I would prefer to sell and split the profit.
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We own a home together. If divorce is filed, does either one of us need to move out? If one does, does the other get the house? What would be the wisest move? I would prefer to sell and split the profit.
No one HAS to move out until the judge orders it. Under most circumstances the equity in the house accrued during the marriage will be divided 50/50 in court. If one party wishes to stay in the house that party can buy the other parties equity outright. If there is no equity in the house one party can continue to live in the house if they so chose. In either case the party staying must be able to qualify for a new mortgage with only their income. If both parties wish to stay in the house, the judge usually orders the house to be sold unless one party can show just cause to be issued the home (ie-the other party cannot purchace the equity or qualify for a mortgage).