Over the last several years, Denver real estate prices have increased rapidly and significantly. In many Denver divorce cases, the largest asset needing to be divided is the marital home. If the parties have resided in the marital home throughout the course of the marriage, keeping current on payments, and in this market where house prices have been rising, oftentimes a divorcing couple will have built up significant equity in the home (Equity = Sale Price minus Existing Mortgage owed). This valuable asset is something that will need to fairly divided between the parties as part of any divorce resolution.
The most accurate and assuredly fair way to divide the home equity is to sell the marital home. What better way to determine how much home equity there is to divide than to go through the process and see how much is left over after sale and closing? Even if the parties determine to sell the house, some issues can still arise if the sale is done during the divorce. For instance, if the house in need of repair to get the home ready for sale, the parties need to figure out how to pay for these repairs and agree on a contractor. Some parties insist on doing the repairs or improvements themselves, which is an endeavor that can lead to tension and conflict in marriages that don’t even involve divorce. Continue reading