In a divorce, one of the most taxing things can be deciding how to divide up your assets. It’s important to know your states laws about property division so that you are aware of your rights.
In California, assets acquired by a spouse during a divorce belong to both of them equally, and must be divided equally in court. When deciding what to do with your house, you want to take into account the valuation date, which is the date when the value of the house was established. Normally, even if one of the spouses lives off of the property during the divorce, the houses expenses are divided evenly. If the property value increases after the valuation date, the spouse who stayed on the property may receive more money from selling the house. There is a lot to consider when deciding what to do with your house in a divorce, and your best option would be to discuss it with your attorney. However, boiling the process down to a few key decisions makes it a lot easier to understand.
Determine Who Wants The House
First off, determine if either spouse wants the house, and if so, if that spouse can afford it. If the answer to both those questions is no, you can sell the house and equally divide the money. To find out if the spouse can afford to keep the house, simply write up a future budget. Next, determine if there are enough assets in the marital estate for one party to buyout the other. If not, again you should sell the house and split the money. If there are sufficient assets, then you can move on to the next step.
Both Parties Must Agree
Next, both parties need to agree on the value of the property. It might be necessary to do a comparative analysis to reach a consensus. If you still haven’t agreed on the value, try getting an individual or joint appraisal. If a consensus still can’t be reached, both parties might need to go to trial until an agreement it reached. Once you do agree, the house can be valued. The party keeping the house can then claim that asset for equable distributed. Work with a family law lawyer in Riverside for help today!