While there are a number of factors to consider during a divorce, the division of property can be particularly contentious, particularly when it comes to the largest, most valuable asset that a married couple owns – namely the home shared during the marriage. In fact, even when a divorcing couple has decided which party will keep the home, there are still related issues to sort out, including how the other party will be compensated for his or her interest in the home and how allotting the home to one party may affect the division of the rest of the marital property.
The following are some common issues that arise when it comes to dealing with a home during the divorce process. It’s important to note that these answers offer general guidelines and that divorcing parties should seek the advice of a Colorado family lawyer for more specific information regarding their situation.
- A home owned prior to the marriage – If you purchased a home before you got married and the title of the home is exclusively in your name, your soon-to-be ex-spouse may still have claim to some portion of the home if his or her money was used to pay for the mortgage for some period of time. In such cases, determining how much stake the other party has in the home can be complicated, and an experienced legal professional can help sort out these matters.
- Divorce and mortgage payments – If both divorcing parties took out the initial mortgage to purchase (or refinance) a house, both parties will be liable to creditors for paying that mortgage – even after a divorce decree has stipulated that only one party is responsible for the mortgage payments.
This means that, if an ex-spouse fails to pay the mortgage at any point in the future, the bank or other creditors can come after the other spouse in an effort to collect the money owed. In such cases, it will be crucial that the party who is not keeping the home (and has not been ordered to pay the mortgage by the family court judge) take the necessary steps to legally disengage from being responsible for the mortgage payments in the future.
When it comes to going through a divorce or dealing with any matter of family law, such as child custody or parental rights, do not try to settle the case without the help of a skilled family lawyer. Working with the Colorado family law attorneys at the Law Office of Mike Hulen can be essential to ensuring that your rights are fully protected and that your family law matters are resolved as favorably as possible. For years, we have been successful at helping our Clients negotiate favorable divorce settlements, child custody agreements, alimony payments, etc. Contact us at (303) 932-8666 to learn more about your rights and receive professional advice regarding the best manner in which to proceed with your case.