A divorce will influence many areas of your life and this can include real estate. What happens to the house? Who gets the vacation home? How do you and your spouse determine who pays for what while the divorce continues? There will likely be many questions that you have and the speaking with an attorney early on and working with them throughout the process can provide needed guidance. We recommend that you contact our firm and speak with our Roseville divorce lawyer since your case is unique.
What Happens to Property During the Divorce?
This will need to be determined since you cannot always know how long the divorce process will take. A couple may no longer be living together but their former home will still need to be paid on. Some couples can make this decision together. One of the parties may be the main one paying the bills in the meantime if this is how their relationship has been previously. Other times a couple can choose to divide up the costs until the end of the case. The court will give a final decision in the case but until then they can also give a temporary order that will determine how expenses will be handled. In addition to paying the costs, an order may be given for who lives where. One parent may remain in the home with the children while the other is ordered to find another location to live.
What Happens to Real Estate After a Divorce?
California is a community property state so the property of a couple will be divided equally among them, even if one of the parties was the primary earner. Real estate will not be split down the middle but the monetary value overall will be equal. One spouse might get the family house, while the other gets the vacation home. Taxes and debts should also be considered in this process to ensure that you are not given the lower end of the deal. Property will need to be appraised and this should be done accurately to make sure the division of property is correct.
You and your spouse can work together to determine how you want to try to divide the property, or can put it on the market to be sold. You can also have it specified in a prenuptial agreement, specifically stating what will happen to real estate. Community property will exclude separate property which would have been obtained prior to entering into the marriage or domestic partnership, so this should be left out when you are determining the value to divide.
For representation in a divorce case and for professional assistance handling the real estate aspect of a divorce, get in touch with the Law Offices of Frank F. Ali today!