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What about the family home during a divorce?

On Behalf of | Dec 29, 2020 | Divorce

The largest asset a couple is likely to own is their family home. More often than not, couples in Colorado pool their personal resources to be able to have enough for a down payment on a home, and family resources were likely used to pay the bills, mortgage and for the upkeep of the home. Most couples don’t think about what would happen to the home in the event the marriage ends in divorce.

Once a couple starts the divorce process, they need to find a way to deal with the family or marital home. There are many points to ponder, such as whether one spouse will keep the home, whether the home will be sold as a part of the divorce agreement or whether the home will be sold at some time in the future. This is probably the decision that will have the largest bearing on life after divorce for both individuals.

If children are a part of the family, it may be better for them to remain in the family home. But does that mean one parent should keep the home? If one person chooses to keep the home, chances are he or she will have to buy out the other spouse’s portion of the home. That could mean refinancing the home in one name, so the question that needs to be answered is whether one person can afford to live in the home on one income. Selling the home may make more financial sense for both parties, in which case the equity is shared.

A Colorado couple in the divorce process could also keep the home and sell it later, depending upon what the real estate market is doing. In any case, getting independent legal advice could help in figuring out which decision is best. Working with a lawyer experienced in family law and division of property may be a prudent move.