Colorado is an equitable distribution state for divorce, so when a couple decides to get a divorce, they can agree on how to split their property or let a judge decide, while considering equitable factors.If you need guidance for you divorce contact our Boulder complex property division attorney today. Here are some possible arrangements regarding the marital home during a divorce:
Sell the House and Split the Proceeds
The most common way to deal with this issue is for you and your spouse to sell the house and split the proceeds. When you take this route, you don’t have to speculate about the possible value of the property or your future needs. Instead, you can sell the house on the open market, accept an offer based on the fair market value and current economy, and split the proceeds equally or in some other portion that you both consider fair.
Even with this arrangement, there is still the possibility that conflict can arise. You might not agree on an agent or how much to list the house for. You may disahoushomwshfsgree about how maintenance and repairs should be handled. You may disagree as to whether to accept an offer or hold out for a higher one.
Transfer the House to One Spouse
If one spouse really wants to keep the house or both spouses agree that this would be best so their children can continue living in the home they were used to, the couple may decide to transfer the house to that spouse. This typically requires transferring the title and refinancing.
Transferring the title changes legal ownership from both spouses to one spouse. Refinancing lets the spouse who wants the home to buy out the other spouse’s share, leaving the other spouse with the sole responsibility to pay the mortgage on the property.
This arrangement can sometimes be difficult since one spouse would need to qualify based on their sole income and credit. Additionally, market interest rates may be higher during certain times than other, so this is not always a financially feasible option.
Keep Ownership the Same
Sometimes, one spouse may have owned the property before the marriage or may be the sole legal owner of the property. In such situations, it may be easiest to keep ownership the same, rather than changing legal ownership at this time. However, that spouse may owe the other for contributions that they made to the property during the marriage.
Continue Sharing the Home
In some situations, the spouses may agree to continue sharing the home during the pendency of the divorce. The couple may move in and out, allowing the children to stay there full-time, or they may live in different parts of the home. This strategy can be helpful if neither one is prepared or financially able to move out.
Contact an Experienced Boulder Family Law Attorney for Legal Guidance
You don’t have to try to figure out this complicated legal issue on your own. An experienced Boulder divorce attorney from Stahly Miner LLC can review your particular situation and give you tailored legal advice given the financial and emotional implications. Contact us today for a confidential consultation at (855) 625-1966.