Connecticut follows the law of equitable distribution, which means that a family court judge may divide the property you and your spouse acquired during a marriage based on a standard of fairness. While you may find that taking ownership of your house appears fair, you may need to present a strong argument to back it up during the divorce procedure.
Generally, if you expect to take custody of your children, it may seem fair that you keep the house since they will reside in it with you. A judge, however, may also consider factors in what he or she views as fair. As reported by Reader’s Digest, your earnings potential, health and the other assets you will own after the divorce could help persuade a judge’s decision to order you to keep the house.
Depending on the circumstances, a judge’s determination of fairness may require dividing the home’s equity. For couples who prefer to sell the house and split its proceeds, this may not appear unfair. An Individual who wishes to remain in the house, however, may need to pay the vacating spouse his or her fair value. If you cannot afford to “buy out” your soon-to-be ex-spouse’s share of your home, a judge may order you to sell it and split the proceeds.
An amicable resolution between two divorcing spouses may occur through out-of-court negotiations or mediation. Instead of allowing a judge to divide property by fairness, you and your spouse may discuss how to split assets with your legal representatives. It is not uncommon that several meetings and communications may take place before reaching an agreement on custody, property and financial support issues. When both spouses decide ahead of time on an arrangement, however, the process typically avoids a long and drawn-out legal battle.
