The Marital Home in Colorado Divorce

Are you involved in a Colorado divorce with a marital home? An experienced Colorado Springs divorce and child custody lawyer can guide you through the legal process and assist you in exploring your options. You have one bite at the apple in the court system so make it count.

A marital residence is often a valuable asset; however, it is possible that more may be owed on the residence than the value of the home, in which case the property is more in the nature of a debt. Usually the best way to value a home is through a joint appraisal, however each party can obtain individual appraisals as well. A broker opinion can be used, however this value is not as accurate as an appraisal as it is determined primarily through comparisons of similar homes and the agent usually does not go into the individual home to determine the condition. The condition of a home can have a substantial impact on its value. Brokers provide a range of value whereas an appraisal provides a specific value. Websites, such as Zillow, are not considered to be sufficiently accurate for dissolution proceedings, however if both parties agree to a value, then usually a court will accept the agreed-upon value.

In Colorado, a home owner may testify as to the value of property based on personal knowledge of the home and neighborhood and any relevant comparisons. However a court may not place great weight on an owner’s value. Income tax assessments indicate value, however they are generally conducted no more than once a year and the purpose is not to determine fair market value for purposes of sale. Therefore, while free to obtain, they are not accurate valuations for purposes of dissolution.

Other types of real property include vacation homes, commercial business property, rental property, and timeshares. Timeshares often are not very valuable and resale is often difficult. The value for timeshares on the secondary market is typically low. With rental properties, it is important to consider the value of the property itself as well as the income that it can produce. It may be important to review income tax returns to determine the actual cashflow for a rental property, or to determine if it is operating at a loss. It is important to consider the requirements of property transfer. For example, if the mortgage is joint, then one spouse will have to refinance, and the other will have to execute a quitclaim deed.

Turning Change Into Opportunity in Colorado Springs, Colorado Divorce and Child Custody

A highly knowledgeable and experienced Colorado Springs divorce and child custody lawyer can guide you through Colorado Springs divorce and child custody matters by negotiating, mediating and litigating on your behalf. You can focus on moving to a better future instead of spending your time attempting to navigate complex legal rules and procedures.

Sabra Janko from Janko Family Law has more than 20 years of legal experience and has written “the book” on Colorado divorce and family law – “Colorado Family Law With Forms”, published by LexisNexis, which you can find at https://store.lexisnexis.com/products/colorado-family-law-with-forms-skuSKU02903. Contact us at 719-344-5523 or complete our online scheduling request for a free 30-minute informational consultation. We also offer paid advice sessions for a more in-depth analysis of your case.