In the course of ending a marriage, spouses must go through the process of dividing their marital assets and wealth. There can be confusion and uncertainty surrounding the issue of which spouse will get to retain the most important and valuable marital assets, such as the family home. If one wants to keep the home, it is helpful to first understand if that is an option and whether that would be a prudent step.
Staying in the home
It is normal for one to want to remain in his or her California home. In a divorce, the spouse who will retain primary custody of the kids may be more likely to keep the home in order to provide the children with continuity of lifestyle. However, it is also possible the couple will sell the home and divide the assets, a process that can be quite complex depending on the details of the individual situation.
What happens to the house depends on the amount owed on the mortgage, whether one spouse wishes to stay in the home and what the resale value of the property is. For spouses adjusting to a lifestyle on one income and other post-divorce financial changes, keeping the home may not be prudent. When deciding what to do with the family home, it is prudent to consider the long-term implications of all choices.
A strong financial future
There are potential drawbacks and benefits to many of the choices one will have to make in a California divorce. When it comes to what will happen to the family home, it is beneficial to think long-term. With practical choices, it is possible to make decisions that will allow for long-term stability and security.