As a continuation of Divorce and Your Home: What Happens to a Home during Divorce (Part 1), here is some additional information regarding what happens to a home during divorce proceedings. Keep in mind that specific circumstances of divorce cases vary from case to case and that an experienced Colorado divorce lawyer should be consulted for more specific information and advice regarding a particular divorce case.
- Evaluating a home’s value – A crucial part of the division of property in a divorce will involve determining the value of the property in question, and there is no exception for the home in this case. As the court undergoes the process of assessing a home’s value, it will consider a number of factors including how much equity one or both parties has in the home, how much is owed on the home, associated property taxes and other home-related costs, such as property maintenance costs.
- When neither spouse wants to or can keep the home – In the event that neither divorcing party wants to keep the home or can afford to do so on his or her own, the home will be sold, and the proceeds from the sale will be divided between the divorcing parties as the court sees fit.
- New homes while divorcing – While it may be tempting for a divorcing party to buy a new home while the divorce is being worked out, it’s important to point out that any property acquired during the marriage (and before the divorce has been finalized) will be considered to be marital property and, as such, can automatically be treated as such by your soon-to-be ex-spouse and the family courts. In such cases, divorcing parties should consult with an experienced divorce lawyer before buying a new home in order to obtain informed legal advice regarding the best manner in which to proceed with the purchase if the divorce is still pending.
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.