Real estate is easily the biggest investment in anyone’s lifetime, and many couples purchase property with the intention of living in it together for years to come. When divorce is suddenly and unexpectedly on the table, many people find themselves stumped. What should happen with the home, and what steps can they take to ensure that their share of the investment remains protected?
We wrote up this post to help answer some of those questions. For legal advice pertaining to your situation, always reach out to a qualified legal professional! With that disclaimer in mind, here are some general guidelines to keep in mind as you start preparing for your upcoming divorce proceedings.
Staying in Your Home Could be Beneficial During the Divorce Process
People are often split whether they should remain in the home or find a new place once separation or divorce is on the table. On one hand, it can be difficult to stay in a place that conjures up problems and marital conflict. On the other hand, the family home can be a source of comfort and security, especially if there are children involved.
On the legal side of things, choosing to stay in the family home does have benefits. Courts look at who resided in the home, how often the children lived there, and more to determine who gets to keep living in it. This doesn’t necessarily mean that you get complete ownership however, which is where community property laws come into play.
Real Estate Property is Subject to being Equitably Split
As we often tell our clients, California’s community property laws carries implications for the family home. All assets are to be divided equally among both parties and in most cases, the equity of the home gets split between each person.
There are several ways to proceed from here. One person can consider paying the other person’s share and getting their own financing, or the courts can decide to have the house sold for equity instead. Understanding your options during this step is critical in helping you ensure your interests when it comes to the shared family home.
Looking for More Information About Asset Division in CA?
We hope this post provided you with some of the answers that you need. Learn more about asset division, divorce, and all other matters relating to family law in CA by contacting us at the Law Office of James P. White.
We offer free initial consultations, so don’t hesitate to give us a call at your earliest convenience.