Divorces are often long, drawn-out, emotionally charged processes. Decisions about who will have custody of the children or who keeps certain property can make them even more intimidating.
One of the biggest decisions some couples will face is figuring out who can keep the home. Working with a Colorado divorce attorney can give you the guidance you need if you want to keep your home through your Colorado divorce.
Property Division in Colorado
Colorado is not a community property state and instead uses an equitable distribution policy for property division.
If one of the partners earned the money they used to purchase the property, they may be able to keep it. But, if both partners contributed to the purchase of the property, it is considered marital property. This kind of property will be divided fairly, though not necessarily equally, in the divorce.
A divorce proceedings lawyer in Colorado can help represent you in the decision about what a fair division looks like.
Possible Outcomes of a Divorce
There are a few ways to divide a house fairly between partners in a divorce. Both partners will need to agree on this outcome and may work with a Colorado marital dissolution lawyer to come to a decision.
One of the spouses may buy the other one out so they can stay in the home. They can do so with cash or by trading other marital property.
Sometimes, the couple may sell the home. The proceeds will then be split equitability.
Both spouses may agree to keep the property through co-ownership. This is not very common and usually occurs when there are children involved.
If the spouses cannot agree on what to do with the house, the courts will need to decide.
How Can I Keep the House in my Divorce?
If you want to try to keep your home in your divorce, you should consider taking some steps to make it more likely.
- Seek advice from a lawyer: Working through property division in a divorce is complicated. A divorce lawyer in Colorado can help guide you through the next steps and represent you in court.
- Assess value and equity: If you and your spouse can’t agree on your home’s value, you may need to have it appraised to find out its fair market value. You can then subtract outstanding mortgage or loan values to find the equity.
- Account for future expenses: Before negotiating, make sure you can financially cover everything related to the house. This might include mortgage payments, taxes, insurance, maintenance, and more.
- Negotiate or buy out: Negotiating with your spouse or buying them out are usually the common ways to keep your home. Your separation attorney in Colorado can help you effectively negotiate. You might need to offer other assets or take on additional debt. If you buy out your spouse, you might need to refinance to remove them from the mortgage and secure money to do so.
- Update the deed and titles: You’ll want to update the deed to show only your name if you are able to keep your home. This might require filing a quitclaim deed.
Let a Colorado Family Law Attorney Advocate for You
Hiring legal counsel for divorce in Colorado can give you a leg up if you want to keep your home during your divorce. Grant & Associates Law can provide an emotional buffer during this tough process while providing trusted counsel throughout your case.
Looking for a Colorado divorce attorney who can represent you in your fight to keep your home? Call Grant & Associates Law in Greeley, CO, at (970) 356-5666.