When a married couple realizes that a marriage is no longer viable, there are many issues that will need to be settled. A divorce often entails trying to untangle all aspects of two lives, and deciding what happens to a family home could be one of the harder decisions. There may be many Colorado families who are working to determine their best options while going through this life transition.
Many couples may decide that allowing one parent to retain the home for the sake of the children is the least disruptive solution. However, if the remaining spouse can only afford the upkeep and mortgage through support payments, then it may become impossible to keep the roof over one’s head when those monies come to an end. On the other hand, if one spouse keeps the home and then decides to sell it, then he or she is stuck with the costs of selling that home along with any tax burden that may be due.
Some couples are choosing to share the family home while their children adjust to the changes. In this nesting scenario, the parents take turns staying in the home with their children on a rotating schedule during this period of adjustment. While this solution may not be practical over the long-term, if may provide breathing space while a final solution is being worked out. Some couples may choose to sell the home jointly, thereby sharing both the costs of selling and the resulting profits. This option may also offset a large tax bill.
There are as many possible answers regarding how to handle a home as there are families. The decision of whether to sell a house can become an emotionally draining process. Colorado families who are in the process of filing for a divorce may choose to seek the insight of an experienced family law attorney who can help resolve these types of issues in the manner that may provide the best results for the parties involved.
Source: U.S. News & World Report, “Divorcing? Should you divorce your home, too?“, Geoff Williams, Oct. 11, 2017