Individuals in California and elsewhere may face a variety of difficult choices upon choosing to end a marriage. With their financial futures on the line, one of the most pressing concerns for many couples pertains to how to handle real estate properties, such as the family home. Knowing the potential advantages and disadvantages of each option concerning the home could help a person better prepare to make informed choices during negotiations.
In many cases, one person may wish to remain in the family home once the divorce is finalized. However, prior to making such a decision, it may be helpful to gain an understanding of the financial ramifications of keeping the home. The costs of maintaining the property and keeping up with mortgage payments could prove challenging, especially for one who has recently transitioned to a single-person income.
Other concerns pertain to what one may have to give up during negotiations in exchange for ownership of the home and the possible stress involved with refinancing or obtaining a new mortgage. Couples may also have the option to sell the home and split the proceeds, but agreeing on a price can be difficult, especially during a potentially stressful time. Couples who have children together may also wish to consider the benefits of nesting, but this type of arrangement might not always be a long-term solution.
Upon making the decision to divorce, individuals in California might not always be prepared to make informed decisions regarding their financial futures. Those who wish to better understand the process could benefit from consulting with a family law attorney for guidance in covering every aspect of the process. An attorney can help a client prepare to pursue the most favorable outcome achievable during subsequent divorce proceedings.