Dividing the House

Dividing the House

Advice

During Divorce

Colorado

HousePropertyDebtInjunction

The marital home is usually the biggest and most emotional asset. The common options are: sell and split the proceeds; one spouse keeps the house and buys out the other's share (often by refinancing the mortgage into their own name); or one spouse stays for a set period (for example until the kids finish school) and they sell later. A home bought during the marriage is generally marital property no matter whose name is on the deed. If both names are on the mortgage, a decree saying "she keeps the house and the loan" does NOT remove you from the loan. The lender isn't bound by your decree, and a missed payment hurts both credit scores. Insist on a refinance deadline and a "hold harmless" clause, and don't let attachment to a house lock you into a payment you can't actually afford alone. While the case is pending, remember the Automatic Temporary Injunction gives both spouses an equal right to remain in the home absent a court order.

Links

Website

Location

Colorado

Colorado, USA