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.