Questions To Ask When It Comes To Dealing With Your Family Home
Here are some important questions to ask when it comes to property division and dividing the real estate in your divorce:
- Was separate property used to buy the home?
- Was any separate property used to pay the mortgage?
- Was any equity in your home used to pay separate property debts?
- Can you afford to keep the home?
Now let’s assume the real estate is all community property. Generally, there are two options to deal with a house in an Orange County divorce – sell the property or buy out your spouse.
Will You Have To Sell The House?
Selling the property and dividing the proceeds may seem fairly straightforward, but there are key steps that you will want to keep in mind, such as:
- Who will pick the realtor?
- Who will pay to get the house ready for sale?
- Who will pay escrow fees?
- How will the furniture be divided?
- How will moving fees be dealt with?
- If there are liens, how will they be paid off?
If you are contemplating a buyout, it is absolutely critical to make sure that the party being bought out is taken off the loan. Many times, one party cannot buy out the other side because they cannot qualify to keep the increased mortgage. Make sure that you consider all options and consider if there could be an equalization payment made from another community property source.
Contact Me To Help Protect Your Rights During Your Divorce
Property division during a divorce can stir up a cloud of mixed emotions that can be hard to see through without an attorney at your side. As an experienced divorce attorney, I will protect your rights and provide a practical approach to real estate division. Contact Song Family Law, APLC, using my secure website or call me at 888-999-0259 to schedule a consultation.