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Sharing Home Title after a Divorce
Before a divorce is finalized, spouses may choose to sell their home and split the proceeds, refinance the home under just one spouse’s name, or simply leave the title undisturbed. Most married spouses hold property as “joint tenants” which means that if one of the spouses dies, her percentage interest will automatically go to the surviving joint tenant regardless of any will. If the spouses decide to share ownership in the family home after divorce, they will need to change how they hold the property so it doesn’t all go to the other spouse upon his or her death.
Many attorneys recommend that ex-spouses do not retain joint ownership of their home. There can be problems with residential rights, such as when a new boyfriend or girlfriend moves into a house that an ex-spouse is making payments on. Ex-spouses must be careful not to “cohabitate” with their new lovers in violation of their court-granted residential rights.
There can also be problems with continuing to share the mortgage on the home along with the title. If one ex-spouse acquires negative judgments, liens, and outstanding loans, this can affect the credit of the co-owner and can lead eventual foreclosure. Therefore, ex-spouses will need to communicate about their personal finances if they plan to remain in a joint tenancy.
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