If you and your spouse already have paid off your home or if you bought it with cash, then it is just an asset, and you have to determine who gets to keep it. You may decide to sell it, or one person may keep it while the other person gets assets with a similar value.
If you don’t have the home paid off yet, then you still have a mortgage. This makes things a bit more complicated. You still can keep the house if you’d like, but you probably have to apply for a new mortgage in your own name in order to do so.
Why do you need to get a new loan?
The reason that a new loan is needed is that your ex is still on the old mortgage, so they are liable for any missed payments. It’s a big risk for them to agree to let you keep the house, even if you say you’re going to make those payments. If something comes up and you miss a payment, even if it’s 10 years in the future, then they could find themselves on the hook for that money. They will likely not want this risk, so they will want you to get a new mortgage yourself.
You also have to think about all of the other costs that go along with owning a home, such as paying taxes, buying an insurance policy and paying for maintenance and upkeep. People often think that keeping the house is their main focus during a divorce, but they don’t realize that it’s not a realistic option financially after the split.
As you consider what you’d like to do, take the time to look into the options that you have.