Colorado Springs Divorce Lawyer

Divorce Attorney Royal Martin of Royal Martin, PC

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What Happens to the House

Colorado Springs Property Division Lawyer

For most couples, their home is their largest single asset. The decision of who gets the house after a divorce is one of the biggest questions to be resolved during the divorce process. One spouse may be able to take over the house as part of an overall property settlement, provided that spouse can handle the mortgage payments and other costs of ownership. In some cases, it may be necessary to sell the house and divide the net proceeds, but either way, our attorneys will work hard to make sure that you and your former spouse are able to negotiate a workable and equitable property settlement.

Attorney Royal A. Martin has handled a large number of divorces involving houses and other real estate. Mr. Martin understands the many legal, financial and market considerations that can decide who gets the house in a divorce. You can be assured that our firm will develop a solution that divides property fairly and preserves as many assets as possible.

Call us toll-free at 866-941-1409 or contact us online to schedule a consultation about your case.
Refinancing May Be Necessary

Simply granting a quitclaim deed to the other spouse does not resolve all issues related to the transfer of the homestead. While such a deed may transfer sole ownership of the house to the other spouse, the mortgage liability remains in both their names if that is how it was originally established. In other words, both spouses are still on the hook for the mortgage. The best solution is often to refinance the house, and it is possible to include provisions in the property settlement to cover the costs associated with the refinance.

In other cases, market conditions may have lowered the value of the house to the point where there is no equity or negative equity relative to the mortgage and refinancing is not possible. In situations like this, it may be possible to draft carefully-constructed contracts between the parties to set forth the parameters of the new mortgage terms.
Every Case is Different

Who gets the house in a divorce? It depends. When it comes to property division in divorce, no two cases are the same. The market value of the house, the amount of the outstanding mortgage, the ability of one party to pay the mortgage, other assets belonging to each party, child custody and other factors can affect the ultimate property settlement.

Our firm has been helping clients resolve these questions satisfactorily since 1989. With so much experience under our belts, we have seen virtually every type of situation, and will work hard to develop a personalized solution that protects your assets and enables you to make a successful transition to life after divorce.
Contact an Attorney Today

For a consultation with Royal A. Martin, P.C. in Colorado Springs, call us toll-free at 866-941-1409 or send us an e-mail.