When a court finalizes a divorce, annulment or legal separation, it has the power to divide the couple’s property between them. This includes the ability to transfer ownership of real estate – like the family home – from one spouse to the other or even to a third party. The court can also order the sale of the property if it believes this approach will divide assets fairly.
Many spouses hope to keep the house, but the decision isn’t always simple. While Connecticut law lists numerous considerations, three key factors often take center stage in determining whether one spouse can keep the house.
Their financial ability to maintain the home
The financial capability of the spouse who wants to keep the home is a key factor in the decision. The court considers the spouse’s current earnings and future income potential and whether it is enough to cover mortgage payments, property taxes and maintenance costs. It also evaluates how keeping the home impacts overall financial health, including other debts and obligations.
Their children’s welfare and stability
If the parties have minor children, the court will place great emphasis on their best interests during custody decisions. This, in turn, may extend to housing arrangements. Courts will take into account how staying in the family home might affect children’s schooling and social connections or if it will allow the children to remain close to both parents. While this does not guarantee that one spouse will keep the home, it may be a factor in the court’s decision-making process.
Fairness in overall asset division
Courts aim for a fair division of all marital property, with the family home being just one piece of the puzzle. If one spouse keeps the home, the court must ensure the other spouse receives a fair share of the remaining marital assets. It may consider whether the spouse keeping the home can buy out the other spouse’s share through a lump sum payment or by trading other assets.
Every situation is different
While this overview covers the main points about dividing property, especially the family home, it’s important to remember that every case is different and can involve a variety of other factors. Consider seeking legal counsel to understand how these factors might apply to your specific circumstances.
