The marital home is an asset in a divorce. In Colorado, the home must be valued and included in the marital property to be divided. In fact, any property that the parties own is a part of the marital estate unless an exception applies. The parties need to know what to expect when it comes to dividing the marital home in divorce.
Many spouses think that they’re in the clear when it comes to keeping the marital home because they’re the only one listed on the deed or mortgage. They may think that if their name is on the deed, that automatically means that they get to keep the house. This isn’t necessarily true in family law. As long as the parties purchase or maintain the home with marital funds, the home is a marital asset. If a spouse uses their income to pay a mortgage, property taxes and utilities, then the marital home is a part of the estate to be divided. In most cases, the marital home is subject to division.
Who keeps the home in a divorce doesn’t necessarily come down to who earns more. There are a number of factors that can play in. For example, if there are minor children and one parent receives primary physical custody, it’s a strong argument for that parent to keep the marital home.
In many marriages, the marital home is the primary asset. If one spouse is going to keep the marital home, they have to be able to compensate the other parent for the value of the home. If the parties don’t have additional assets to compensate the other spouse for their share of the equity, the parties may need to sell the home and divide the proceeds.
It’s important for spouses not to make assumptions about how the law might treat the marital home. An experienced divorce attorney may help a spouse understand their rights and make their case to receive a fair result.