A home is one of the biggest joint purchases that California married couples make. Despite this, many still end up mismanaging their real estate during divorce. Not only can making mistakes with the marital home hurt emotionally, it can also cost each person a significant amount of money. In order to better handle the home during property division, individuals should be aware of a few important matters.
Some couples decide that it is best for one person to maintain ownership of the house. While this might be a good idea for a number of reasons, it is essential to first determine whether that person can continue to afford the house. This means more than just paying the mortgage. What about taxes, general upkeep and homeowners insurance? If the individual cannot afford these costs or if it will create a financial burden, then keeping the home might not be in his or her best financial interests and could ultimately cause more distress down the road.
When affordability is a problem, selling the home might be a better option. Some choose to do so right away and then split the profits. Others wait until they are further into the divorce process before making the decision to sell, and even then they might wait to sell until a later date. When children are involved, hanging onto the house until everything is finalized is an easy way of providing a sense of stability during an otherwise tumultuous period of their life.
A family home is often so much more than just four walls and a roof that provide shelter. California families create lasting memories in these homes, and those memories are not so easily left behind. Because of this emotional attachment, consulting with an attorney who is experienced in family law can help individuals reach the best possible solution to what is an understandably difficult property division matter.
