Any time a couple gets divorced, deciding who will get the house is a big decision to make. However, this can be an even bigger issue in California where real estate prices are so high. If you need help with property division in California then we recommend you contact Kendall Gkikas & Mitchell at 909-482-1422 to set up an appointment with an attorney. You can also keep reading to learn the basic facts.
Questions to ask if you’re not sure what to do
If you are simply unsure of what the best option is for your co-owned home, then there are a number of questions to carefully consider. They include:
- What is the equity in the house?
- Can I afford to keep it?
- Are there other community property assets that can be exchanged for the home?
- What would the tax implications be?
- Are there many repairs needed for the home?
- If there are children, where will they live?
- Can I afford a mortgage in just my name?
Once you have sat down to consider the answers to these questions, the right answer may be much clearer.
Questions to ask if you are considering keeping the property
In most cases, the most equitable option when getting divorced is to sell the home and split the profits 50/50. This is often the choice when neither spouse can afford the home on their own. A buyout is another option, in which a person buys out the share of the other party, but this only works if one spouse can afford the mortgage on their own and can qualify for one.
If you decide to do to this, then you will need to give your spouse their hare in the property. You may be able to do so by refinancing the home in just your name and then paying them their share. You will need to ensure that your spouse is taken off of the mortgage because they will no longer be tied to the property. If you are considering this option then there are a number of questions to ask yourself:
- Am I going to be able to quality for a mortgage in just my name?
- Can I realistically afford the mortgage on my own?
- Can I afford the costs that come along with the home, such as insurance, maintenance, taxes, utilities, any major repairs, etc.
- Would it be better for me financially if we sold the home and I used my half of the profits to move somewhere more affordable?
These are not easy questions to answer. Your best bet is to work with a divorce attorney who has experience with this particular type of case. You can easily reach Kendall Gkikas & Mitchell at 909-482-1422 for a consultation.
