Those who own a home in Connecticut may believe that they can assume a mortgage in a divorce. However, this is not necessarily the case, so it is a good idea to read the mortgage document before deciding on what to do with a marital home. Since 2008, it has become less common for a mortgage to be assumable. Even if a mortgage can be assumed by another person, there is no guarantee that it will be allowed to happen.
Connecticut couples going through a divorce understand how difficult a separation can be. In addition to dealing with the emotional impact of divorce and the effects of the transition on the children, there are a number of financial issues that have to be addressed. One of the more challenging decisions is determining what to do with the marital home.
As you prepare for your Connecticut divorce, one of the things you may be concerned about is how you and your spouse will divide up your marital assets between you. Given that Connecticut is an equitable distribution state, you and (s)he can divide your assets however you please in your property settlement agreement as long as the overall distribution constitutes a fair and equitable one.
Divorce and marriage rates are shifting for many states throughout the country. For people in Connecticut, the marriage rate is one of the lowest in the country, while the divorce rate sits at just about the national average. While many people go into a marriage expecting it to last for the rest of their lives, over 1 million divorces are filed every year. Still, the divorce rate has been on the decline in the past few decades. While in 2000, 4 of every 1,000 Americans got a divorce, that number dropped to 2.9 per 1,000 by 2017.
In Connecticut, grey divorce continues to attract older married couples. Today, 25 percent of married couples get grey divorces in comparison with the 1990s when only 10 percent of couples over the age of 50 got divorced. It is a traumatic experience to get a divorce after a lengthy marriage; both spouses can experience psychological problems caused by finances and strong emotional ties.