The most difficult asset to divide in a California divorce is the place of residence. The divorcing couple has several options with regards to handling the property. Your attorney can assist you in making the right decision based on your specific circumstances.
How to Divide a Home
A California divorce offers the divorcing couple with four options in how to divide their place of residence:
- Sell the house and divide the proceeds.
- Keep the house in both spouses’ name, with only one as the occupant.
- One spouse gives the other title to the house.
- One spouse takes cash out of the home’s equity to buy out the other spouse.
You and your Ventura family attorney will look at your financials to determine whether you will be able to afford to maintain your current home or whether you should sell and start over.
Selling the House
When neither party can afford or is willing to assume possession of the residence, the only option left is to sell it. Under California marital property laws, the proceeds of the sale must be split equally (50/50).
In other words, a simple indication of a 50/50 split is entered into the marital estate valuation summary. Although this is a much simpler approach as compared to equitable division it is not applicable in all states.
We Can Help You Make the Right Decision
At Zonder Family Law, our Ventura family attorneys can help you make the right decision with regard to the division of your family home during your divorce proceedings. To schedule a consultation with a dedicated family law specialist, please contact (805) 231-5705.