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Dividing real estate assets in divorce

When couples choose to divorce, the prospect of fairly dividing assets and liabilities can seem overwhelming. This is especially true when a couple owns more complex assets, such as multiple real estate holdings.

For many couples, a family home is the most significant asset they may have between them, which can present a difficult dilemma when it comes to deciding who should keep the home.

If you and your divorcing spouse own one or more piece of real estate, it is very important to carefully and fairly negotiate how you plan to divide up these assets. Unlike other assets like savings accounts or retirement investments, real estate holdings present a number of complications for anyone who chooses to keep them in the split.

It is always wise to consult with an attorney to make sure that you fully understand the property division process. Professional legal counsel can help ensure that you do not overlook certain pitfalls or unintentionally take on an asset you cannot fully support.

When you only have one home

If you are like most married couples, your home is the single largest asset that you own between the two of you. Depending on the nature of your marriage and whether or not you have children, there are a number of ways you may choose to divide your property.

For instance, if you do have children, the parent who receives primary custody of the children often also keeps the home. This does not mean that the spouse who does not keep the home should get nothing. Property division in Connecticut follows "equitable division" principles, which dictate that a couple must reach a "fair" division, although not necessarily an equal division.

If you have no children, a spouse who wishes to keep the home may have to offer the other spouse a greater share of assets to offset the other spouse's claim to a portion of the value of the home.

In other cases, it is not actually practical to keep a home. If you bought the home with your combined income, neither of you may have enough income to qualify for a mortgage refinance on your single income.

In this case, you may find it best to sell the home and agree on a fair split of the proceeds.

When you own multiple properties

In some cases, couples split who own multiple pieces of real estate. In such a scenario, it is important to understand the complete value and ongoing costs of owning each property. If, for instance, you own four properties and one of them brings in a significantly larger monthly income, but also requires significantly greater ongoing investment to maintain it, owning it may prove more than either of you wish to carry on your own.

Do not hesitate to reach out to an experienced attorney who understands the nuances of the Connecticut property division process. Proper legal guidance protects both your rights and your assets as you work toward a fair divorce.

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  • Thank you Jennifer for handling my divorce. Everything is going well. Get to spend lots of time so far with my boys that makes me happy. Thanks to you again; I wish you and your firm lots of success from this day forward. All the best.
  • Wendy helped guide us through a very difficult and emotional process and was really able to provide an even and fair account for both parties. It's quite evident in her expertise in this area but the way she was able to make you feel safe and secure in a very insecure time goes far beyond her legal prowess. If the two parties are really willing to cooperate and collaborate, she's there to help gain the best possible solution for all involved, especially if there are children.
  • Regardless of how committed one is to the fact that divorce may be imminent and necessary, it is truly one of the most emotional and stressful situations one can experience. It can also be daunting. Wendy has a remarkable ability to cut through the noise and help you focus on the big picture while drilling down on what is most pertinent to your particular situation., they are a formidable team who work collectively with your best interests in mind.
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