Many couples decide to sell their marital house in a divorce. However, you and your spouse may agree that you will keep the home, perhaps so your children can continue to live there as they grow up. You may wonder how you can become the sole owner of your home.
The Motley Fool explains some steps that are often necessary for a spouse to assume full ownership of a marital house.
Refinance a mortgage
If you have not fully paid off the mortgage on your home, you will need to refinance the loan so you take full responsibility for the remaining payments. This step removes the name of your spouse from the mortgage.
This may not be easy, though. Your bank will want to know that you have sufficient income to qualify for the mortgage without the financial help of your spouse. It is possible your lender will not approve you if your income is too low.
Remove your ex from a deed
Assuming you can take over your home mortgage or you have already paid it off, another step is to change the deed of your home. A deed proves who owns the property. If your spouse is on the deed, you may consider having your wife or husband sign a quit-claim deed. By doing so, your spouse will give up his or her ownership claim.
These actions are important to keep in mind if you wish to hold on to your marital home. You may guide your divorce towards this purpose if your financial situation allows for you to assume a mortgage and keep up the home going forward.