When a Bay Area couple gets married, they often have hopes and dreams for a future where they are together forever. They plan for kids, pets, and a neighborhood that allows them to grow as a family. The family home is often the center of a family, full of memories and a stable foundation for the kids. During a divorce one spouse may wonder if they will have to give up the family home.
A family home is one of a couple’s most important assets. Besides retirement and investment accounts and a family business, the family home can be worth a significant amount of money. Many times, the family home is beloved by at least one spouse who wants to keep it after the divorce. There are many things that should be kept in mind when determining what happens to the family home.
If the house was purchased by both spouses and is considered community property, then both spouses have equal interest. Spouses can agree to sell the property and split the proceeds. Or another option would be for one spouse to have the house by buying out the other spouse’s share. If a spouse were to buy out the other spouse, they should make sure they are able to make the monthly mortgage payments, upkeep costs, insurance, taxes, etc. Another option would be for both spouses to continue to own the home until the children are older in order to minimize the impact of the divorce on the children. In this case the custodial parent receives exclusive use of the home and a deferred sale is placed on the home until a later date.
The family home is often a contentious issue in a California divorce. A person who is going through a divorce may want to speak with an attorney to make sure their needs are met both now and after the divorce is finalized.