What to Do with Your Marital Home During Divorce

If you are facing a divorce, a major concern is the division of your marital property, and for many couples, their home is their largest asset. You also have an emotional attachment to your home, however, that can make it much more than simply an asset. If you have questions or concerns regarding your marital home in relation to your divorce, turn to an experienced California divorce attorney for the guidance you are looking for. 

The Division of Marital Assets

In a California divorce, marital assets refer to those properties and assets that you and your spouse – separately or together – came to own over the course of your marriage. In the event of divorce, your marital assets will need to be distributed between the two of you, and because California is a community property state when it comes to the division of marital assets, they must be divided between you equally. Typically, marital homes are considered marital property, which makes them of primary concern in the division of marital assets. 

Option One: Keeping Your Family Home

If you have minor children, staying in your family home with them may be your primary concern. This allows you to maintain the status quo for them and to minimize the impact of the divorce on them – to the degree possible. In order to remain in your home; however, you will need to buy out your spouse’s ownership. While doing so can be complicated and requires careful planning, you do have options, including:

• Allowing your ex additional marital assets in lieu of their share of your home’s value
• Taking out a loan to buy your ex out upfront
• Buying your ex out over time

Option Two: Selling Your Family Home 

Selling your home is a stressful event, but selling your family home while you are going through a divorce can take things to a whole new level. To begin, there are concerns like the following to factor in:

• Coming to an agreement regarding what the home is worth, your asking price, and an acceptable selling price
• Keeping the home ready for viewing while your divorce proceeds and paying the mortgage until it is sold
• Separating your emotions from the business end of this endeavor
• Factoring in the market, which may not be conducive to selling at the time of your divorce

Option Three: Maintaining Joint Ownership

While maintaining joint ownership of your family home is a challenging choice that requires setting clear boundaries and committing to ongoing open communication between the two of you, it can be a viable option for divorcing couples whose primary focus is keeping their children in their family home.

Make the Call to an Experienced California Divorce Attorney Today

If your family home is a primary divorce concern, the accomplished divorce attorneys at Miranda, Magden & Miranda, LLP – proudly serving both the Monterey and Salinas areas – are well-positioned to help you effectively resolve the matter in accordance with your priorities and financial rights. To learn more, please do not wait to contact us today.