Property settlement agreements and negotiations can be difficult to work out as Colorado couples end their marriages through divorce. They may disagree about how to divide or dispose of major assets and pieces of property.
It often seems that the family home causes couples emotional stress as well as financial challenges. In some cases, a family home may be sold so that the parties are able to share in the profits. In other cases, one member of the ending marriage may receive the property through the settlement of the couple’s assets.
Colorado follows equitable division laws when it comes to separating divorcing persons’ property which means that the partners to an ending marriage do not have to receive the same amount of property after a divorce but that the division of property must be fair given the circumstances of the partners. To this end, a court may order one partner to receive the house but may require the other partner to buy down the home’s mortgage or otherwise financially help with mortgage payments if they are more solvent after the divorce.
If for some reason only one member of the marriage owns the home then it is possible it could be considered the separate property of that one individual. However, if separate property is used for the support of the marriage and family or paid for by both partners it may become martial property and subject to property division.
There is no single answer to this question as numerous factors can play into whether a person receives the family home in a divorce. Readers with deeper questions about this topic should speak with their divorce or family law attorneys about how the law and facts of their cases will impact their options for receiving their houses.