Upon making the decision to end a marriage, many couples in California and across the nation may be left with the difficult choice of what to do with the family home. In many cases, a home may consist of a significant portion of a couple’s wealth and, as such, will likely play a vital role during negotiations. Those who are considering pursuing ownership of the home might find it helpful to address certain aspects before reaching a decision, as this could help them make informed choices during legal proceedings.
When it comes to the family home, one of the first aspects to address could pertain to how much value is in the home. Determining the net value of a home can be a complex process that may involve steps such as seeking an appraisal and subtracting any existing liens from the home’s value. Understanding the true value of the home could prove essential and this knowledge may influence the choices one makes during divorce proceedings substantially.
Another aspect to consider consists of the potential cost of pursuing ownership of the home. If the home is deemed a marital asset, the other party will likely be entitled to half of the equity thereof and as such, a person who wishes to keep the home might need to negotiate a buyout of his or her interests. Those who seek ownership of a home in divorce may also find it helpful to address the various concerns of refinancing or seeking a new mortgage.
With a multitude of factors to address, reaching a decision on how to approach the family home during divorce can be a daunting process. Fortunately, there are attorneys who can provide a person in California with guidance in making informed decisions about their situation. An attorney can address all a client’s concerns and preferences and assist in pursuing the most favorable outcome achievable during subsequent legal proceedings.