The family home is often one of the larger assets a California couple owns. Besides having financial value, the family home can also hold years of memories and structure and consistency for any children. When a California couple is going through a divorce, what to do with the family home can be complicated.
In California, there are several options that a couple can choose when negotiating the family home if the home is owned by both spouses:
Sell and divide the profits
This is one of the more common practices. The couple agrees to sell the home and any profit is divided between the two spouses. This is the option that couples typically choose when they aren’t able to afford the home on their own.
Buy out of one spouse
This happens when one spouse buys out the other spouse’s share of the house. The house is refinanced so that only one spouse is on the mortgage. If a person wants to choose this option it is important they are able to take on the full ownership including mortgage payments, upkeep costs, insurance and property taxes.
Keep the house and defer the sale
This option usually involves one spouse staying in the home with the children for a period of time and then selling the house. Typically the family lives in the house until the children leave for college, or another agreed upon time period. This is a good option for a couple who would like to keep consistency in their children’s schedule. It allows for the kids to keep as normal of a life as possible, stay in their same school and same neighborhood, etc. If this is financially feasible for the couple it can be a good option.
A legal professional who is skilled in California divorce can help their client through this complicated process. Emotions can be high during this time and having an attorney who is familiar with the ins and outs can be important. There are decisions that are made during this time that can affect a person’s future for many years. It is important that a person understand the implications of each decision and protect their future.