For many people, a family home is more than just a piece of property. It might be a place where they raised their children and celebrated holidays. As divorce moves forward, spouses might start to wonder what will happen to the house during the property division process.
The family home is more than just a marital asset
Colorado follows the equitable distribution rule when dividing marital property. The court does not make an equal distribution, but rather makes a fair division of assets. While deciding how to divide the house, the court may consider:
- Financial condition of both spouses
- Overall division of marital property
- Each spouse’s contribution to the marital property
- Future need of the family
This means the decision about the family home depends on the needs of each spouse.
Deciding what to do with the family home
No single solution works for every family. There are many options for the spouses on what they can do with the family home. In some cases, one spouse may decide to keep the home and refinance the mortgage. Other couples may decide to sell the house and divide the proceeds. Some families may choose to keep the home jointly for a period of time before selling it, giving them more flexibility to plan for the future.
The right option depends on the financial condition, future plans and the ability to maintain the property in the long run.
Can children affect the discussion?
If the divorcing couple has children, their needs might influence what happens to the family home. In some situations, parents might decide that one spouse should remain in the home for a period of time to provide stability when considering whether keeping the home is financially realistic.
Making a decision for the future
For many, a family home may have an emotional meaning, but it also has many expenses, such as mortgage and maintenance costs. Looking at the bigger picture can help the family make an informed decision that supports their future after divorce. Understanding the available options can help the family move on in their life with more clarity.