When a Colorado couple decides to get married, they are full of excitement and optimism. They often go into the marriage believing that it will last forever. Unfortunately, not all marriages are destined for eternity and many couples have to go through the difficulty of a divorce. During the divorce process, one of the most contentious issues is property division. A couple may wonder what the options are for the family home.
There are certain assets that may mean more to a person than others. The family home often has deep emotional ties and be worth a lot of money. It can be hard to decide what to do with it in a divorce. There are several options that a divorcing couple may be able to choose from.
- Sell the home. Most couples decide to sell the family home and split the profit equally. This can enable both spouses to have a clean break and a fresh start.
- Divide large assets. Many high-income couples have several large assets, and it can make sense to divide the assets with each person taking ownership of assets worth roughly the same amount. These may include the family home, a vacation home, or a large stock portfolio.
- Buy out the other party. One spouse may choose to live in the family home and can then buy out the other spouse’s share of the home. In this case the spouse remaining would refinance the mortgage in their name.
- Co-own the home. In this situation both spouses would continue to own the home for a set amount of time such as their children’s high school graduation. After the set amount of time has passed, the couple would sell the home and split the proceeds.
A legal professional who is skilled in divorce can help their client through the process. They understand that a divorce can be complicated and will be with their client every step of the way ensuring that their needs are met both now and into the future.