The family home is usually their most valuable asset. When a couple divorces, there are three possibilities: The wife buys the husband’s interest; the husband buys the wife’s or they liquidate and split the proceeds. Be advised: One spouse may own a property free and clear of the other, but that may not prevent a buyout or liquidation for reasons having nothing to do with that property. Also, “any property” includes vacation homes, rental or investment homes, all real property owned by either spouse.
Remain Rational – Ask Questions, Agree on Answers
There may be a dozen or more reasons to sell now or wait, and each family’s situation is unique. An appraisal is a good investment, you’ll know the value of the property, which will influence your decision. Talking to a realtor — or two, second opinions are not just for doctors — is free. Realtors will be the neutral third party helping you determine fair price and, eventually, handling the marketing. Weigh all pros and cons carefully.
Colorado divorce law requires dividing property equitably. “Equitably”, in this usage, doesn’t mean “equally”. Judges consider many factors in defining “fairly”:
If a couple can agree on an equitable division before going to court, the divorce moves that much quicker. Attorneys or a mediator can smooth that process significantly. Couples who don’t resolve issues outside of court will resolve them in court — which is to say, the judge will resolve them.
For more information on avoiding mistakes in divorce contact our divorce law attorneys at Walker, Wright & Associates, LLP in Steamboat Springs, Colorado at (303) 730-0067.