must be considered before deciding on a buyout. Again, knowing yo ur fin ancial standing befor e fi ling for a divorce is paramount. CO-OWNERSHIP If you or your spouse want to keep the house and buy out the other, but need time before this can be accomplished, co- ownership is a possibility. However, maintaining a clear channel of communication with the ex-spouse is a major part of co- ownership and one of the most diffi cult to achieve, because it requires plenty of mutual trust, something typically lacking in most divorce scenarios. Th e goal is to move forward, so any concessions made between the spouses bene fi t not only both parties, but especially the kids. Maintaining a civil, businesslike relationship in front of your children will help them maintain stability and keep them from moving away from their home when they’re already adjusting to a lot of change. If one of the spouses can occupy the home with the children and make the mortgage payments until they can manage a buyout and become the sole owner, it’s a win-win. Th e drawback to this type of arrangement is the negative consequences if the spouse in residence defaults on mortgage payments. Both parties are still responsible, and missed payments will a ff ect both spouses’ credit scores. Moving forward with a new life can be tricky in a co-ownership agreement because consistent communication is necessary, and that isn’t always (or even usually) easy for divorced couples. House payments, insurance premiums, utilities, and necessary repairs are guaranteed fin ancial obligations. What if the utilities are shut o ff due to nonpayment? What if the home heating and air- conditioning system terminally fails? What if you moved two hours away and your ex-spouse needs your help with a fallen tree because s/he can’t a ff ord to pay someone to dispose of it? What if the resident spouse has to move out because s/he cannot a ff ord to stay? What if the resident ex-spouse fi les bankruptcy and risks losing the hous e? Th ese are all very real possibilities. 128
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