The Coronavirus pandemic has significantly affected many industries across the United States and Connecticut. This includes the real estate industry and property valuations throughout the state. While fluctuations in property valuations may not have a significant impact for some people, changes to the estimated value of real estate may have a dramatic impact on individuals currently going through the divorce process. Because of this, some individuals may wonder how COVID-19 may affect the division of assets during their divorce case.
COVID-19 Real Estate Evaluations During Divorce
The value of real estate could have an impact on the overall marital estate in a divorce or matrimonial legal dispute. With real estate valuations changing during the COVID-19 pandemic, it is possible that the evaluation of a home has changed to the point where it could interfere with a just and proper distribution of assets. In cases where an asset, such as a home or other piece of real estate, significantly changed in valuation, divorce negotiations could be substantially modified. When this occurs, an experienced divorce lawyer could advise you on your rights and help you decide how to move forward.
The Larger Effects of COVID-19 on Family Law
Fluctuating real estate prices are one component of a larger trend. COVID-19 has affected the overall economy in an unprecedented way. As many businesses go through dramatic changes, some individuals may experience pay cuts, layoffs, or be unable to work. Individuals who have experienced a significant change in their financial situation may be able to file for a child support or alimony modification. In these situations, our knowledgeable alimony or child support attorneys could examine the specifics of your circumstances and advise you if a modification is worth pursuing.
Contact an Experienced Family Law Attorney Today
Many individuals may find the divorce process and separation of assets challenging under normal circumstances. Changing evaluations and financial situations can add an additional layer to an already complex situation. A knowledgeable divorce and family lawyer from Schoonmaker, George, Blomberg, Bryniczka & Welsh P.C could evaluate your case and help you navigate the best path forward. To speak to a member of our seasoned legal team, contact us today.