Under Connecticut’s divorce statutes, couples divide their assets fairly between them. Property that you and your soon-to-be ex-spouse bought together during marriage distributes based on fairness in divorce.
To determine what is fair, however, may involve discussions with your spouse regarding whether to keep your home or sell it. As reported by NerdWallet, the spouse hoping to own the home may need to refinance the mortgage.
How could I take ownership of my home?
Before applying for a new home loan, reviewing your budget could help you decide if you could keep your property. If you purchased your home based on a double-income household, your lender may need proof that you could afford the home on a single income.
If you earn enough income and qualify for a new mortgage, the court may order you to buy out your spouse’s fair share. Appraising your property gives you its equity value. After subtracting an existing mortgage balance from the equity, you may negotiate a fair division when you know how much to pay your spouse.
How could a house sale or mortgage payments divide fairly?
If discussions between spouses do not result in a fair buyout offer, you may sell your property and split the proceeds. An appraisal could provide an estimate of what your home would sell for. After subtracting the mortgage balance, taxes and selling fees, the remaining amount divides fairly.
Some couples also consider co-owning their property. If you have children, you may consider paying a portion of the mortgage while the custodial parent and children remain living in the home. As long as both spouses agree on a fair arrangement, a family court judge may include it in your divorce decree.
