• calendar20th Aug 23 11:00 pm
  • userJamie

Who Keeps The House In A Divorce?

During a divorce, there can be many things that can lead to contentious debates over who is entitled to what. A home is one of them. Considering a home is often one of the most valuable assets a couple has, who keeps the house in a divorce can be a question that during negotiations leads to volatility between divorcing partners. Having an attorney on your side who understands the complexity of divorce and who is dedicated to helping you throughout the entire process can be advantageous. If you are getting ready to divorce your spouse and would like assistance and support, please consider calling reaching out to a Colorado divorce attorney at Colorado Divorce Law Group at (720) 593-6442 today to schedule your free initial consultation.

How Common Is Divorce in the United States?

There are certain patterns that exist with marriage and divorce that relate to gender, race, and level of education. However, as an overview, the United States Bureau of Labor Statistics (USBLS), citing the National Longitudinal Survey of Youth 1979 (NLSY79), explains that 42% of survey respondents married between the ages of 15 and 46 were divorced by age 46. As high as 80% of individuals who are married by the age of 46 end up having multiple marriages.one time.

When divorce is imminent, connecting with an attorney is one way to obtain information and guidance throughout the divorce process. The attorneys at Colorado Divorce Law Group are dedicated to helping individuals navigate their divorce while offering advice on every aspect of one’s case along the way.

Identify Good Reasons to Fight for the Home

Not only is a home a valuable asset but it can also be an emotional one. A private residence can have a certain type of personal appeal and attachment, and this is especially true if children were raised in the home. Divorce can be complicated, emotional, and stressful. Getting into a fight over the right to keep the previously shared home is not always the wisest decision. Sometimes, it is more appropriate to carefully examine the situation and then make clear, reasoned decisions about which fights are worth the effort they will cost. This is not to say that arguing to keep a home after a divorce is not a worthwhile position. However, if this is a battle you are willing to engage in, it is critical to have a good understanding of why.

Certain reasons make a sound argument for keeping a home. When children are involved, wanting to keep a home so that the disruption to a child’s life is as minimal as possible is logical. Keeping children in a home where they are close to their friends and can stay in their school district is a valid reason and one that many couples consider worth pursuing in court. However, if the motive for keeping a home is primarily to ensure that the other partner loses access to that property, this may not necessarily be the best rationale and may lead to potentially extensive and unnecessary conflict.

Financial Considerations for Keeping a Family Home After Divorce

In some situations, divorce brings financial hardships families did not have to face when together as one unit. For instance, sometimes the home in which the family previously lived together was only a realistic option when maintained by the income of both spouses paying the bills. For either spouse alone, paying for the full cost of a home on a single salary might not be feasible.

Having a comprehensive understanding of what one’s finances will look like after divorce is essential. This can help guide one’s decisions and form a part of negotiations when working out a divorce agreement. Who keeps the house in a divorce may largely depend on the ability to afford it. A spouse who keeps the family home does not always retain financial assistance to pay for it from the ex-spouse who no longer shares the residence.

Division of Marital Assets in Colorado

In an equitable distribution state like Colorado, marital property is divided based on how the presiding judge assesses the status of each party in a divorce. The judge will make a decision on what is fair based on the circumstances of each party. However, there is no guarantee that either party will be entirely satisfied with how a judge in Colorado achieves the equitable distribution of the couple’s shared assets. This may not necessarily mean that a judge will divide marital property, like a home, in a 50/50 split.

A home is typically considered marital property, rather than separate property, for the purposes of asset distribution during Colorado divorce proceedings. In the process of distributing shared assets equitably, either spouse may be given ownership of the family home. Alternatively, a judge may force the sale of that property. In some cases, they might first order an appraisal. This could lead to obtaining a home’s value, which can be useful in either distributing the proceeds of its sale or, on the other hand, achieving balance by granting equivalent value in other assets to the spouse who does not keep the home. However, during the divorce process, until assets like a home are divided, individuals whose names are on the bills are obligated to still pay them.

The Benefits of Working Together

Usually, the best results come about when both parties agree to cooperate with each other and work together. In the case of asset division generally and the more specific question of deciding on home ownership in a divorce agreement, divorcing spouses who can come to an arrangement on their own will benefit from less stress and emotional turmoil, and also be spared additional legal expenses, compared with their peers whose asset distribution decisions are made exclusively by Colorado courts.

When an agreement on home ownership is not reached between the divorcing partners, the case may have to go to court. In this scenario, neither spouse will have control of the outcome: Once the case enters the courtroom, the decision rests with the presiding judge.

Speak to a Divorce Attorney in Colorado Today

Divorce is tough, even in the most congenial situations. Divorce can also be challenging for couples who do not know their rights or what the rules for divorce are in Colorado. The Colorado Judicial Branch has resources that can be helpful for divorcing spouses. Having the assistance of an attorney who knows the laws and procedures and who has your best interests in mind can also be beneficial. Who keeps the house in a divorce is a common question for many divorcing couples. If you are facing divorce in Colorado and you are concerned about whether you will be able to keep your home, an experienced family law attorney at Colorado Divorce Law Group may be able to help. Call (720) 593-6442 to schedule a free consultation to discuss your divorce case.