For most divorcing couples, their house is by far their largest asset.
Our Connecticut divorce attorneys explain how issues involving the family home are typically addressed during divorce proceedings.
Who Stays in the House While a Divorce is Pending?
Both parties can remain in the house during divorce proceedings. But such a scenario usually isn’t optimal, and more often than not, one spouse will agree to leave the home and reside elsewhere.
In certain situations, a court can also order exclusive occupancy to one party. Such circumstances might include a history of abusive behavior on the part of a spouse, a serious threat of abuse, or in some cases, a toxic environment.
What Happens to the House Once the Divorce is Final?
A divorcing couple is, of course, always free to reach an agreement on their own, and in our experience, this is usually the best scenario. They can decide that one spouse will keep the home, put the property on the market, or agree to retain the house and sell it at some future point.
However, if a couple cannot agree, a Court will need to decide whether to award the home to one of the spouses or order its sale. In such a case, the outcome will depend on many factors, including each spouse’s financial circumstances and the ages of their children.
What Happens to the Mortgage If One Spouse Keeps the House?
If both parties are on the mortgage, and one spouse retains the property in the divorce, the loan will typically need to be refinanced in a reasonable amount of time to remove the other party from the mortgage.
Is It a Good Idea to Exchange the House for Another Asset When Divorcing?
The value of a home can fluctuate widely, so any decision to trade the property for another asset needs to be approached with care. As we’ve seen in the past, property values can appreciate and depreciate fairly rapidly.
Our Experienced Connecticut Divorce Attorneys are Here to Help You Make the Right Decisions
If you’re filing for divorce, it’s essential to have a strong legal advocate on your side.
Our experienced Connecticut divorce attorneys can provide you with the expert guidance needed to make the best decisions regarding your home and ensure your interests are well-represented throughout the process.
Contact us today to schedule your consultation.