Every divorcing couple in Colorado will have to sort out a way to divide their property and reach some kind of agreement on their assets. Those that are unable to negotiate a settlement may end up litigating in family court, which will leave the final outcome to the discretion of a family law judge.
The home where a family lives may be the asset that drives most of the conflict as spouses negotiate property division matters. People often see retaining the home as their way of winning the divorce. Before setting that goal, people should consider the three factors below to determine if keeping the home is really the best outcome they could seek.
Perhaps the most important consideration when evaluating what should happen with the marital home is how the parents intend to share time with their children. The allocation of parenting time can have a profound impact on property division matters. After all, keeping the children in the same schools and in a familiar environment can help lessen the trauma of the divorce in many cases. Therefore, many divorcing couples ultimately decide that the spouse with more time with the children will keep the marital home with the other receiving a fair portion of its equity or other assets of comparable value.
Spouses can have very different incomes and credit scores, which may mean that one spouse could qualify for a mortgage while the other may not. In fact, there are some scenarios where spouses can afford a host jointly but neither can qualify for a mortgage on their own. Looking at income and credit information can help individuals evaluate whether or not they would qualify for a mortgage and be able to afford monthly payments on the home.
Physical health and availability
Someone’s physical well-being can have a major influence on their ability to embrace solitary homeownership. Every bit of cleaning and maintenance will end up the responsibility of the sole owner unless they have the capital to outsource that work to professionals. Those who work very demanding jobs, those who travel frequently and those with physical limitations caused by health concerns or age may not be able to maintain a home on their own even if they may be able to afford it.
It is important to be practical when setting goals and preparing for negotiations related to a Colorado divorce. Taking a practical approach to property division matters instead of an emotional approach can help people lay the foundation for the best possible future after their divorce.