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A home is not just a building in divorce proceedings

A home is not just a building; it is a place where memories are made, families are raised and life is lived. When going through a divorce the decision of what happens to the family home can be a very difficult one to make. The thought of leaving the place where so much life was housed can be very emotional. Couples in Connecticut going through a divorce have several options when it comes to determining the fate of their home.

There are times when neither spouse wants to keep the home or neither is able to afford the house on his or her own. In these situations the house is sold and the proceeds are split between the spouses. While it may be emotionally difficult for both parties to see someone else own their home, it allows both the opportunity to start fresh in new homes of their own. This is perhaps the most simple and clear method of settling the home's fate, but care must be made to consider tax repercussions as well as the ability to buy a new home.

On some occasions, both spouses want to maintain ownership in the home. This can be a trickier situation as expenses and living arrangements must be agreed upon. Both don't have to live in the house to maintain ownership. This does, however, provide some stability for the children because they are able to stay in the home and schools they have grown up in.

If one spouse wants to keep the home, he or she can purchase the other spouse's ownership interest. This often requires appraisals and cooperation between the spouses. If there is a possibility of selling in the future, capital gains taxes and selling expenses may need to be factored in. Refinancing should be done to remove the nonowner spouse from the mortgage.

Regardless of which option is chosen, the changes within the home will be an adjustment. Every couple has different financial, emotional and personal situations to factor in. An experienced Connecticut divorce attorney can guide a divorcing spouse through the process and help to determine what situation will be best given the circumstances.

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  • Hi Yuliana and Attorney Prince, Thank you so much for taking time out of your busy day to meet with me. I really appreciated how compassionate you were while listening to my situation, even through my tears. Thank you so much for sharing such valuable information with me. I left feeling very hopeful that when the dust settles, I’ll be ok.
  • 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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