The 3 ways you might split a home (and your other property)

If you find yourself in a divorce, you may be unwilling or unable to split the property how you want. As an equitable division state, Colorado courts try to divide marital assets and debt in the fairest way possible, as opposed to the most equal.

A divorce represents an end of something, but also the start of a new chapter. Depending on your situation, you can define it how you want with the right mediation. As Forbes details, selling or dividing your home can happen in a variety of ways.

Three potential divisions

Oftentimes, there is a need for one of the parties to keep the house. Perhaps it is a matter of the market or you have kids settled in it and you do not want to uproot them. Settling the divorce so that one spouse gets the house and the other gets a fair value comparatively in other assets can help here.

A clean method of division is to sell the house and divide the proceeds, though capital gains taxes may come into play depending on how much money you both make on the sale.

Another way to keep things stable is by both remaining owners of the house. Instead of marital property, it would be a joint ownership. A lot of planning goes into this process, but it may help if you and your spouse do not have to worry about the house on top of the divorce.

More ways to suit your needs

These matters of division apply to just about all instances of complex property division. Whether you split ownership of the lot or come to a reasonable agreement with more nuance, you deserve a fair split.