Divorce comes with a number of significant uncertainties, not the least of which is how you will divide marital assets. You might find yourself feuding with your soon-to-be ex-spouse over some of the most desirable assets, particularly the marital home.
Both parties in your divorce are likely to have strong emotional attachments to the marital home, not to mention that it is sure to be one of the most financially valuable items on the table. You can make the best decision regarding what should happen to the home by understanding the options available to you.
Should one spouse keep the marital home?
Colorado legal statutes outline a policy of equitable distribution of assets between divorcing individuals. This makes it possible for one spouse to keep the home while the other spouse receives a share of marital assets that are equivalent in value. This sort of arrangement can be beneficial if one individual feels particularly strongly about keeping the home, or if the parent designated as the primary custodian of your children wishes to raise the kids in a familiar environment.
Should you sell the marital home?
Choosing to sell the home is often a more efficient way of handling asset division. Doing so makes it easy to divide the monetary value of the property between spouses. Many individuals choose to downsize to a smaller home upon transitioning to a single-income lifestyle, so selling a home that exceeds the space requirement for either spouse can be a logical choice.
It goes without saying that you and your soon-to-be ex-spouse are not likely to share the marital home after your divorce. Subjecting the property to equitable division or selling it outright are the best options for resolving any disputes that might arise around the topic of the home.