What happens to the family home in a divorce?

On Behalf of | Aug 24, 2022 | Family Law |

The family home is often one of the most valuable assets in a Colorado divorce. How you handle it can make a big difference in the outcome of your divorce settlement, and you have a few options.

Sell the home

Usually, the easiest and most straightforward option is to sell the home and split the proceeds between you and your ex. You can each walk away with a nice chunk of change, and you don’t have to deal with the hassle of owning a property together.

However, there are a few things to consider before taking this route. First, you’ll need to agree on a sales price. If you can’t come to an agreement, you may have to get a professional appraisal.

Keep the home

If you’re able to work together, you may be able to keep the family home and continue living there. This can be a good option if you have children as it can provide some stability for them during a difficult time. You may then need to decide who gets to live in the house after the divorce and how to split the mortgage and other expenses.

If you decide to keep the home, be sure to have a clear agreement in place regarding who is responsible for what to avoid any problems down the road.

Rent out the home

If you’re not able to sell the home or keep it, you may have to rent it out. This can be a good way to cover the mortgage and other expenses while you figure out what to do with the property. If you go this route, it’s a good idea to have a written agreement in place with your ex regarding how the rental income will be handled.

While selecting your option, keep your long-term goals in mind and take the time to research all of your options. Additionally, be sure to communicate with your ex so that you can come to an agreement that works for both of you.