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Would you ever want to co-own your house with your ex?

Typical advice when you're getting divorced in California is that you should get both of your names off of the mortgage. You're probably either going to sell the house and split the money, refinance it on your own, or have your ex-refinance it. In many cases, this is the proper route, but is there a situation in which you'd want to stay on the mortgage with your ex?

There is one, and it isn't for everyone. If you have children and you'd like to keep living in the house with them, but you know your credit won't get you the mortgage on your own, you may want to keep your ex on the loan. This way, even if you're paying it, you still get the loan you were approved for when you applied together. Basically, you're using your ex's credit to help.

This works both ways, of course. If you're the one with good credit, you may want to stay on the loan to help your ex and allow him or her to stay in the home with the kids.

Experts have said that this situation most often comes up if one person works full time and the other does not. It could also happen if one of you has filed for bankruptcy or made other financial mistakes in the past.

Again, this isn't for everyone, but it is something that some couples consider when they are trying to do everything they can to find the best solution for the kids. If you are going to do this, be very careful and make sure you know all of your legal rights and obligations.

Source: U.S. News, "How to Get a Mortgage After a Divorce," Geoff Williams, accessed Jan. 14, 2016

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