Is Refinancing the Marital Home a Smart Move? - Marrison Family Law

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Is Refinancing the Marital Home a Smart Move?

Tuesday, 07 December 2010

blog-logoDividing the marital property may be the most difficult part of getting a divorce, and divorce attorneys in Colorado Springs realize that.  But being a party to a divorce will require swift and decisive action to take care of these matters, especially when the Colorado real estate market is continuously changing.  In many cases, a property settlement will require that the marital home be sold as a means of dividing the property equitably, but with so many homes for sale in Colorado Springs, this may not be so easy.

Here are a few tips from some of the most experienced divorce attorneys in Colorado Springs:

  • When the real estate market isn’t cooperating with your efforts to liquidate the marital assets, refinancing may be necessary.  While this may be costly, it eliminates the need for recalculating the value of the home again and again throughout the divorce process and ensures that each party in the divorce is paying their fair share of the mortgage liability until the home is sold. 
  • Many couples find themselves at odds over the disposition of the marital home, and who gets to maintain residence there.  Much of this may be determined by who has primary custody of the children, but it every case is unique. It may also depend on who has the ability to pay the mortgage, and how other assets from the marriage are allocated.
  • The best course of action for determining the division of marital property is to consult with experienced divorce attorneys in Colorado Springs.  If the settlement becomes especially contentious, divorce lawyers will often recommend mediation over a court hearing, as this usually allows the couple to have a more amicable post-divorce relationship. 
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MPatMarrisonFor over a quarter century, we have helped people during what is often the darkest time in their lives. Divorce is not easy even under the best of circumstances. For most people, family is central. Having something go wrong in the family can have a ripple effect that extends beyond the home and into other areas.

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