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Buying the family home in a divorce situation in Connecticut

On Behalf of | May 29, 2019 | Divorce |

Even when a marriage has gone sour, there may be many positive emotions connected to the family home. One partner of a Connecticut couple going through a divorce may be thinking of staying in the home to raise the children or in which adult children grew up. But there are questions a spouse should ask if he or she is thinking about buying out the interests of the other partner when it comes to a family home. 

The possible deal needs to be treated as if the home was being purchased from a third party. The first thing to clarify is figuring out how much equity is actually in the home. Getting a real estate appraiser to formally appraise the property may be money well-spent in any event, but especially if one partner is thinking about buying the other out. 

Connecticut is an equitable distribution state and as such property is not always split equally. It is also an all property state, meaning the courts have a say in all property both spouses own, including separate property. There are many issues that can come into play when one partner decides he or she would like to buy the interests of the other out when it comes to a marital home. Some of those issues include whether the individual will need to refinance the mortgage, how much the buyout cost will be and whether there was a pre or postnuptial agreement in place that addresses the family home.

A Connecticut divorce lawyer can help such a client find answers to these types of questions. An attorney can help a client to make the best decision for him or herself when it comes to the family home. Since these types of decisions are often accompanied by strong emotions, a lawyer may be able to help a client to see the situation more logically.