What happens to the family home in a divorce?

On Behalf of | Oct 6, 2020 | Divorce

When a California couple decides to get a divorce, it can be a difficult situation. There are many things that need to be worked through in a divorce settlement, the main being property division. The family home is often the largest asset a couple has and deciding what to do with the home can be a difficult decision. The home often has years of memories and the children can feel attached to their home, neighborhood and school. There are several options a couple may have in dealing with the family home during a divorce.

Sell the home

A couple may decide to sell the family home. In this scenario the couple would sell the home and split the profit. This is usually done when one person can’t afford the house on their own.

Buy out other spouse

One spouse can choose to buy the other spouse out. This can happen if one spouse would like to keep the house and is able to afford the monthly mortgage payment, taxes and upkeep on the property. The mortgage would be refinanced and the house would be in one spouse’s name.

Deferred sale

In this situation the couple keeps the home and delays the sale of the home for a certain amount of time. This often happens when the couple has children and it is in the children’s best interest to remain in the home. The couple will continue to own the home jointly and the custodial parent will remain in the home. The couple will then sell the home at a later date, like when all the children have graduated from high school or some other agreed upon time.

Getting help with the divorce process

A person who is considering a divorce may want to speak with an attorney who specializes in family law. An attorney can help their client understand their options during this difficult time and can also make sure they think about what they may need into the future.