Marital separation can put a big dent in finances. Financial burdens may cause even more stress than there is already. A marital home is likely the biggest shared asset of a Connecticut couple, so it may be a good idea to think about how it can help in an otherwise dicey divorce situation. If one spouse wants to sell the home, perhaps the other could buy him or her out.
But, be careful. Just because one person comes off the title of the home doesn’t necessarily mean he or she is off the hook for the mortgage. It’s best to look into the situation to make certain of the particulars of the mortgage. Someone who is off title doesn’t want to be on the hook for mortgage payments.
Some couples who are splitting may be cash poor, but have a lot of equity in their home. They can use that as a cash source to help in financial hard times. Refinancing can help with things like debt consolidation. Another option to consider when ironing out a divorce settlement is the possibility that the spouse to whom alimony would be paid by the other might wish to forgo those payments and keep the house instead.
There are many options to consider financially when in the throes of divorce. A Connecticut attorney may be in a position to offer some insight as to the legalities of a matrimonial home and how it figures into a divorce agreement. He or she may also be able to provide the names of other who might be able to help such as financial advisors.
Source: Forbes, “Til The House Do Us Part: The Top Five Reasons To Refinance After Divorce“, Jason Crowley, Accessed on March 19, 2018