Many Couples Going Through a Divorce Own a House Together. So, Here’s the Question: In a Divorce, Who Gets the House?
When a married couple officially decides they want to get a divorce, they need to address some serious issues — like the fair division of their assets.
With 61% of American homeowners being married couples (1), it becomes imperative for many to understand how the matrimonial home is divided if a divorce takes place.
In Connecticut, the house is considered matrimonial property and will be distributed like all the other assets the spouses hold — using the law of equitable distribution.
What is Equitable Distribution in CT?
Equitable distribution law entails that the house will be divided as fairly as possible. This often means that both parties will not always receive a 50/50 share. Instead, the court will divide the assets based on the individual contribution of each spouse to the marriage, and the matrimonial assets. Whether you helped in the acquisition of the asset, its maintenance, or even its appreciation, it will be taken into consideration.
Aside from the contributions of each spouse, the court will look at many other factors, including the length of the marriage, the age of each spouse, and the ability of each spouse to be self-sustaining.
Dividing property during a divorce is just as important as it is confusing. Since every case is different, it is integral you understand your rights properly. The best way to make sure you are not being taken advantage of during your divorce is by connecting with an experienced divorce lawyer and seeking their advice.
Valuing the Matrimonial Home
Before the matrimonial home can be divided, it must be valued first. This is usually done by calling in realtors and other professionals to determine the fair market value of the property. Once the value of your home is known, and the other assets and liabilities of each individual are also considered; the court will decide how much of the home will go to each individual.
Do We Have to Sell the House During a Divorce in CT?
Whether you have to sell your house or not varies from case to case. The way your matrimonial home is divided depends on all the other assets and details of your divorce. For instance, if the court determines a 60/40 total division, you can divide this is two ways. If it adds up, you can choose to keep the matrimonial home, while giving the IRA or other assets to the other spouse. Otherwise, you can choose to sell the home and divide the proceedings between each other based on the court-determined percentages of 60% and 40%.
What Other Property Will be Divided During the Divorce?
Connecticut is different from most other states when it comes to property division because, in a sense, all property is considered marital property. This means that all the property, whether it was accumulated before the marriage, during the marriage, or given as inheritance or gifts, is susceptible to distribution between the two parties.
The court will decide how the assets are distributed as fairly as possible. If you want a say in how the property should be divided, you should get in touch with a divorce lawyer right away and see if a fair agreement can be made with the other spouse.
Get in Touch with Heidi Opinsky, Experienced Divorce Lawyer in CT Today
If you’re going through a divorce, and you’re confused about property division, you should get in touch with a skilled and experienced divorce lawyer. Since there is no single method set in stone for property division, your lawyer has the flexibility to create a compelling and detailed case based on the personal details of your divorce.
Get in touch with divorce lawyer Heidi Opinskey today for help with your divorce. Call 203-653-3542 now or visit our website to send us a message and we will get back to you at our earliest convenience.
References:
1. https://ipropertymanagement.com/research/renters-vs-homeowners-statistics