Real estate complications during divorce in New Haven commonly occur, and approaching the matter with careful analysis is important. One of the most valuable steps you can take during the divorce process is working closely with an experienced property division lawyer. The team at Dolan Divorce Lawyers, PLLC, is here to help you navigate any roadblocks concerning your property and achieve an equitable division of assets.
Connecticut generally classifies all property in a marriage as marital property. This includes:
Typically, the only assets the state considers as separate are those laid out in a legally binding marital agreement, such as a prenup. This means that any real estate you own, including your marital home, is likely to be marital property.
In Connecticut, the court divides marital property equitably, which means fairly, given a range of relevant factors such as:
The court does not necessarily split marital property, including real estate, evenly between the spouses in a Connecticut divorce, but it can. This is why discussing the complexities of property division during or after the breakdown of the marriage with a knowledgeable New Haven lawyer can be helpful for you.
When it comes to your spousal home, there are key considerations regarding allocation for a New Haven marital split. If you are invested in remaining in your family home, you will need to ensure that your decision is grounded in the reality of your post-divorce budget.
Basically, you and your divorcing partner each have a financial interest in this property. In addition, it may carry considerable emotional weight, especially if you raised your children in the home. If your goal is receiving primary physical custody and continuing to live in your family home with your children, the matter is that much more challenging. Consult with a knowledgeable divorce attorney early on to work through these concerns.
There is a range of complicating factors when it comes to dividing assets in a New Haven divorce.
When a piece of real estate becomes the sole property of one spouse in a divorce, the bank does not automatically remove the other spouse from the financing. For example, if the court awards you the marital home and you take ownership via a quitclaim deed, the court will also order that you refinance the house to remove your spouse’s name from the liability. Inability to refinance the mortgage could result in a forced sale of the property.
When the court awards one spouse real estate in a divorce, that spouse must often buy out the other spouse’s ownership in it. This means they must assess its value, which translates to the need for appraisals and potentially the need for expert testimony. The more contentious the divorce, the more challenging this is likely to become.
Often, a spouse who becomes the sole owner of real estate in a divorce faces refinancing. Divorce-related complications, such as less financial stability, less income overall, or a lower credit score, often come into play. You must also consider the cost of refinancing, which can be expensive and grossly change your monthly mortgage payment. There are also tax implications to consider.
Real estate complications during divorce in New Haven are a significant concern. Our trusted attorneys at Dolan Divorce Lawyers, PLLC, have earned a solid reputation for successfully resolving even the most challenging divorces in support of our valued clients’ rights. Learn more about what we can do to help you by contacting us online or calling our firm today.
N/a
