On behalf of Cooper, Tanis & Armas, P.C. posted in family law on Thursday, February 2, 2017.
Colorado couples who decide to get a divorce will have to figure out how to divide their marital estate. Depending on their situation, this may include determining what to do with the family home. Because the home may be filled with memories, be close to the kids’ school or has been in the family for years, former couples may find it difficult to come to a decision.
One option when dealing with a home during a divorce is to sell the house and divide the proceeds. If this sounds like a good option, it is recommended that the owners work with a real estate agent to help them maximize the potential sale. Once the home is sold, both individuals can purchase a new home using the proceeds that are made from the sale.
Another option is to have one person buy out the other person. This may be considered a good option if the former couple has kids and staying in the family home would prevent them from having to change schools. However, the person who buys out their former spouse may have to refinance the loan as lenders may still consider both individuals to be responsible for the mortgage.
If an estranged couple is not sure what to do about the home,, a family law attorney may help. If one person is considering keeping the home versus selling it, the attorney may assist with determining how the person’s finances will work once the divorce is finalized. If the other person wants to keep the home, the attorney may help determine how this will affect the ultimate property division settlement.