In Connecticut, marital assets are divided in an equitable manner in the event of a divorce. If you own your home jointly with your spouse, there is a good chance that it will need to be included as part of a final settlement. You will likely have several options as it relates to dividing the equity in a home pursuant to the end of your marriage.
You may be able to keep the house
If your spouse doesn’t object, you may be able to retain ownership of a family home after a divorce. This will likely require you to refinance an existing home loan so that it is in your name only. You will also likely need to give your spouse their portion of the home’s equity at the time that this occurs. This can come out of other marital assets.
The home will likely need to be sold
In most cases, a marital home is sold as part of a final divorce settlement, and both parties split any proceeds that are left over after the mortgage is paid off. Depending on the circumstances of your case, a judge may order the home to be sold, which means that you couldn’t keep it even if you wanted to. It’s worth noting that liquidating the home means that you don’t have to worry about the cost of maintenance or repairs. You also don’t have to worry about taxes, insurance or other costs that might reduce the overall value of the asset.
If you are going through the divorce process, it’s important to collect as much information as possible about assets held jointly with your spouse. Having access to the home’s deed may show that you have an ownership interest in the property. Obtaining a copy of the mortgage, bank statements and other documents may prove that you have helped pay the mortgage, home improvement and other costs.