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What happens to the house in a Colorado divorce

One of the biggest and most complicated assets a couple deal with during the divorce process is the marital home. Deciding what to do with it can sometimes shape how things proceed during the divorce. If the parties are able to agree easily on the disposition of the house, other issues may go more smoothly. If the parties are not able to agree, the decision may have to be left up to a Colorado judge.

The easiest decision is to sell the house and split the proceeds between the parties. The parties can agree on a sale price, how the expenses will be divided and how to handle showings. Once the house is sold, each party will be responsible for his or her portion of the taxes.

Things get more complicated if the house cannot be sold for a profit or one party wants to keep the house. In that case, it may take more negotiation to come up with a plan on how to resolve the issues. If neither party plans to stay in the home permanently and it remains unsold, it may be possible to rent it out and manage and maintain the home together as landlords.

If one person wants to keep the home, any outstanding mortgage may become the focus of negotiations. If the divorce is amicable and the party wanting to keep the home is unable to obtain financing, the couple may be able to come to a mutually agreeable solution. If the divorce is not amicable, the parties may have to turn to the Colorado courts to make the decision.

Source: thefiscaltimes.com, Divorce 101: Dividing the House, Geoff Williams, Oct. 8, 2013

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