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Selling the family home during a Colorado divorce

For homeowners, the division of marital property can be far more complex than for those couples who have not purchased a home. Deciding how to divide the equity in the family home can be one of the more complex aspects of a Colorado divorce. A number of different options exist, each with a unique set of pros and cons. Navigating those choices successfully is important, as the outcome will have an impact on the financial stability of both parties.

In many cases, both spouses agree that the best course of action is to sell the family home and divide the proceeds. In a strong real estate market, this can be a great solution. During times of market turmoil, however, selling the home may not be as profitable as anticipated. In some cases, it may make sense to hang on to the property long enough to allow the market to recover.

The value of any piece of real estate is highly dependent on the recent sales price of similar properties in the same geographical area. That means that one's home sale can be negatively affected by the presence of short sales or foreclosures in the immediate vicinity. A stagnant or declining real estate market can also have a negative impact on a home's value.

For some Colorado couples, it makes sense for one party to remain living in the home until the real estate market recovers. A higher sales price means more money in the pockets of both parties, and in some cases it is well worth the effort to work out an agreement that allows for a delayed sale. A family law attorney can assist in creating a divorce settlement that helps both spouses gain from the eventual sale of the family home.

Source: dailyrepublic.com, "Divorce and the family home", Nicole Solari, Oct. 15, 2016

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