The pros and cons of keeping the house after a divorce
Colorado residents going through a divorce have likely seen firsthand how difficult it can be to separate two lives that have been together for a period of time. The biggest challenge that they may face is dividing their assets. This is especially challenging if they have a co-owned house.
On the surface, it may seem that the best way to divide a co-owned house is to sell it and then divide the profits equally. However, one spouse may have an emotional attachment to the home, or there may be children growing up in the home. Out of consideration for one spouse or for the children, the divorcing couple may look for an alternative to selling the house.
Another challenge that may arise from selling the house is that when a couple puts their house up for sale, it can serve as a signal to the community that the couple is going through a divorce. The divorce negotiations and other private details about the family situation may soon find their way into the ears of some neighbors. To avoid this issue, some divorcing couples opt to have one spouse stay in the house and the other find separate lodging.
For the spouse who keeps the house, there can be a number of unforeseen challenges. For example, a house that was affordable with two incomes may now be a burden for just one income. In addition to the mortgage, there is the financial cost of keeping up the house. When these challenges are brought to the fore, many spouses who were fighting to keep the house see the benefits of letting the other spouse have the house or selling the house and splitting the profits.
A family law attorney may be beneficial in helping a divorcing individual understand things like shared accounts, property division laws and asset valuation. An attorney provide practical information on financial issues, custody issues and other challenges that could arise during the divorce process.