One of the most challenging parts of a divorce is deciding what to do with the family home - especially with the recent rise of interest rates and property values. The family home, OF COURSE, is charged with all kinds of emotions and can be an incredibly charged topic during negotiations. To help ease some of your concerns, let's go over 5 frequently asked questions about the family home during a divorce in Colorado.
How is the family home divided in a divorce in Colorado?
In Colorado, the family home is considered marital property, meaning it will be divided equitably between both spouses. The court will consider various factors like the duration of the marriage, each spouse's contribution to the home, and their financial circumstances when determining how to divide the property.
What are the statistics on divorce and property division in Colorado?
According to the Colorado Department of Public Health and Environment, the divorce rate in Colorado is around 3.2 per 1,000 people. And when it comes to property division, the family home is often the most significant asset at stake. It's important to remember that even though the process can be difficult, there are resources available to help.
What happens if we can't agree on what to do with the family home?
If you and your spouse can't agree on how to divide the family home, you may need to involve a neutral third party like a mediator. These professionals can help you find a creative solution that works for both parties without resorting to a court battle. This can reduce conflict and make the process much smoother for everyone involved.
What if one spouse wants to keep the family home?
If one spouse wants to keep the family home, they may need to buy out the other spouse's share of the property. This can be done in a variety of ways, including through cash payments, trading other assets of equivalent value, or refinancing the mortgage. Working with a financial planner can help you determine which option is best for you.
Can we keep living in the family home together after the divorce?
It's possible for both spouses to continue living in the family home together after the divorce, but it can be challenging. This is known as "nesting," and it involves the children staying in the family home while the parents take turns living there. This arrangement can work well for some families, but it's important to consider the logistics and potential conflicts that may arise.