In many or most divorce cases, the marital residence is often the most valuable community property asset. As well, the mortgage is often the greatest community property liability. In those instances when one spouse retains the marital home, that spouse will generally have a specific period of time, as set forth by the court, to refinance the home and to remove the name – and liability – of the other spouse. Additionally, terms will be set to remunerate the other spouse for his or her interest in the home.
Is the House Entirely Community Property
It is common for one spouse to remain in the home, particularly when children are involved. In many cases the process is relatively easy but in other cases there may be a variety of issues involved. In other cases the spouses may agree to sell the home and share the proceeds. Questions that commonly arise:
- Is the house entirely community property?
- Is the title in both names? Despite the presumption of community property, this may be an issue.
- Should the proceeds be divided evenly down the middle?
- If not, how should the proceeds be divided?
Despite the best interests of the spouse who wishes to remain in the house, the question remains whether or not he or she can afford to live there. After all, in most cases the home is not a source of income – rather, it is a continuing expense. Upkeep alone may be too much for one spouse. These details must be addressed prior to making a decision whether to keep the family residence. Contact our offices to discuss this in detail.
Common Options Regarding the Marital Residence
There are three common options regarding the marital residence:
- One spouse remains in the house, purchasing it and buying the other spouse’s community property interest.
- The spouses agree to sell the house and to divide the income equally or otherwise.
- Undecided or no immediate change is made – the house may later be sold to one spouse or sold, dividing the profits.
One common reason why the community residence may not be immediately offered for sale is because of a the negative housing market. The parties may be in a position to wait it out rather than to take a loss.
Complimentary Phone Consultation with a San Diego Marital Residence Attorney
If you are considering a marital dissolution, or if you seek post-judgment modifications, or if you have any other family law matter, the divorce attorneys at Neumann Family Law, APC can help you. We are experienced and aggressive professionals who obtain results for our clients. We understand you may be going through an extremely challenging time in your life. We will help you in a most professional and compassionate manner. Most of clients are referred to us by other clients; this is a testament to the hard work and care that we provide. For a free phone consultation, contact Neumann Family Law, APC Family Law Attorneys at (619) 282-1107, or (760) 480-8400.
