Colorado couples will face numerous challenges when moving through the divorce process. Not only will they have to determine how debts and various assets are divided, but they will have to make important decisions regarding any marital properties. From the marital home and vacation properties to commercial real estate and income properties, the divorcing couple faces tough decisions on the path toward dividing one household into two futures.
While decisions surrounding the children will be paramount in any divorce, couples will face choices that could impact their financial futures. These decisions largely revolve around dividing the marital home.
In general, the couple is presented with three options:
- Sell the house and split the profits: If the market supports the decision, most couples will likely elect to sell the home outright and divide the proceeds. The couple can divide it according to the percentage contribution, an even split or using some other method that fits their unique needs.
- One party keeps the house: Even in this scenario, the couple might have different options available to them. For example, one spouse can simply “buy-out” the other spouse’s share of the property and assume sole ownership. Or the ownership of the home might factor into discussions about child custody and spousal maintenance when deciding the larger financial picture.
- Both parties keep the house: In this scenario, couples are likely to retain ownership of the property but rent it to a third party thus splitting the profits. This decision can be made as a temporary measure if the housing market does not support the sale of the property or if the couple would rather keep the property based on other economic factors.
Every marriage and each divorce is different, so it is wise to seek the counsel of an experienced family law attorney for your matter. A skilled legal professional can answer your questions and provide the guidance you need.