Many Connecticut residents have a lot of money and time invested in their family home. The home also may be a source of many family and other important memories both for the couple and for any children they have.
These are reasons why who gets the family home may be an issue during a divorce.
Usually, the family home will be marital property and divided in a way that a Connecticut judge deems fair to both spouses.
Often, this will involve one spouse keeping the home and paying the debt, taxes and maintenance. The spouse who keeps the home may have to pay off the other spouse to compensate them for their share of the equity.
Practically speaking, each spouse must think about whether it really is in their best interest to keep the family home. The best option for a Windham County resident will depend on their individual legal situation. Still, here are some questions a person might ask.
- Am I able to afford the home? Most people have at least some mortgage debt. Even without a mortgage, though, homes are expensive to maintain and insure. Furthermore, the homeowner will also likely take on the property tax burden going forward.
- If I keep the home, will I be able to pay off my spouse? The family home will usually rank among a couple’s most valuable assets. The person who keeps it may have to compensate the other spouse for their equity by trading other property, assuming additional debts or by paying off their spouse directly. If the divorce is contentious, a person will probably not want to have their ex-spouse as their creditor, so keeping the house may require getting a loan or finding funding.
- Is my creditworthiness such that I can refinance the house in my own name? This might not happen in every divorce, but it is common for the person who keeps the house to assume sole legal responsibility for the mortgage.
- What is my interest in keeping the family home? For example, it is one thing if a person does not want to force their children to move. It’s quite another if the reason to keep the home is emotional attachment or even simply to score a win in the case. Spouses need to keep their own financial and personal interests in mind.
Couples who cannot agree about their home may want to try mediation
Mediation is often a good way for couple at odds over the family home to come to terms agreeable to both spouses. The environment of mediation allows spouses to think more carefully over what solution makes the most sense for them.
A good mediator can help the spouses think outside of the box. For example, it may turn that is best of they both walk away from the home, sell it, and split whatever equity is left over.