WHAT HAPPENS TO THE FAMILY HOME IN A CONNECTICUT DIVORCE?
When a Connecticut area couple ties the knot, it is often the happiest day of their lives. They make big plans about how the next decades will look in their relationship and all the hopes and dreams they share. Unfortunately, not all relationships are destined for eternity. When a couple reaches the point where they can no longer get along a divorce may be imminent. When a divorce is a high-asset divorce it can often be more complicated. One sticking point in a high-asset divorce can be the family home.
Some of the larger assets a couple may have are their retirement accounts, investment accounts, and their homes. A family home often holds years of memories and is a comfortable place for the couple and their children. It can be hard for a person to give up the family home during a time of crisis such as a divorce. In Connecticut, there can be a few options for what to do with the family home in a divorce settlement.
Connecticut is an equitable distribution state which means the court will decide how to divide the assets among the spouses in a way that is deemed to be fair to both parties which may not be equal. Fault may also be considered by the court and if the fault is substantial it can affect the property division. One option for the family home is for one spouse to buy out the other spouse’s share of the house. This can be the best option for the spouse who really wants to remain in the house and can afford to keep it. Another option is for both spouses to continue to own the home jointly until the spouses agree to sell it. This can be an option if the spouses are on good terms and want to hold off selling the house. Another option would be to sell the house and split the profits between the spouses.
A legal professional who is skilled in Connecticut divorce can help their client through their divorce and make sure their needs are met both during the divorce and into the future. An attorney understands that a high asset divorce can be complicated and they will fight hard to make sure their client’s best interests are met.