Divorce is ending your marriage, but you can't stop thinking that you're really let down to lose your home. The marriage wasn't healthy anyway, and you asked for the divorce, but you bought your dream house a few years ago. You honestly think it's the best place to transition back into the single life because you love living there.
Experts note that selling the home during the split is often the easiest and best option. It eliminates a huge debt that was affordable for a couple, but that may not be on one income. Plus, if you earn money in the sale, that's the easiest way to split up the value of that asset. You just split the money that was earned between you and your ex.
However, if you do want to keep the house, it's important to note that you should refinance it. You have to be approved for the mortgage by yourself. You likely can't just keep making the payments you are now, even if you can afford them, because that would keep your ex on the account and he or she would technically be liable if you stopped paying -- even though you're divorced.
Refinancing alone can be frustrating. If interest rates have changed, you could wind up paying more. Even if you think you can budget, pinch pennies and afford the home alone, the mortgage lender may not think so. If you both worked, your income is being cut in half. The amount you're approved for may not be enough to buy your spouse out of the old mortgage and take over.
It's important to really consider your situation and all the options you have. Don't assume it will be easy. There is often a viable solution if you're willing to work at it and consider all possibilities.
Source: Money, "What Happens to Your Mortgage in a Divorce?," Ashley Eneriz, accessed Dec. 15, 2017