Unfortunately, not every marriage in the Highlands Ranch area lasts forever. Despite a couple’s best intentions, a divorce may become inevitable. A divorce is often an emotional experience for everyone but there are logistical items that need to be figured out as well. Property division can be a complicated matter for couples. The family home is often one of the most valuable items a couple owns.
How the family home is divided in a Colorado divorce
The family home is not only typically worth a lot of money it also holds years of memories. What to do with the family home can be a point of contention for a couple going through a divorce. There are options for a Colorado couple’s home in a divorce:
- Sell the home. This is a good option when neither person wants to keep the house. The house can be sold, and the profits split between the couple in many cases.
- Buyout of one person. A couple may decide that one spouse may buy out the other spouse and remain in the home. In this situation a mortgage is refinanced, and the buyer’s name is put on the deed.
- Co-own the house. This arrangement makes sense for a couple who has children and the couple wants the children to keep the stability of their home, neighborhood and school. Typically the couple will negotiate for one spouse to stay in the home with the children until a certain time such as the kids leaving for college.
Meeting with an attorney
A person who is going through a divorce may find it to be valuable to meet with an attorney who specializes in divorce. An attorney can help their client understand their options when it comes to property division and make sure their best interests are being protected.