Selling the Family Home in a California Divorce
Many spouses sell their family homes as they resolve their divorces in California. This real estate transaction might trigger all kinds of subsequent consequences that spouses must consider beforehand. Along with the emotional effects of losing one’s home, this can also lead to tax implications, child custody issues, and much more. Before selling a family home, spouses may consider discussing their plans alongside a qualified property division attorney in California.
When Might Spouses Agree to Sell the Family Home?
Families may sell their homes under a range of different circumstances. In many cases, spouses mutually agree to sell because they believe it serves their interests. For example, both spouses might not want to continue paying the mortgage – an understandable concern in the modern era.
These spouses may believe that the best option is to downsize to two separate properties and pay lower, more realistic monthly living costs. During marriage, many of these spouses might have based their monthly budgets on two incomes. Cutting that income in half after a divorce requires certain adjustments, and downsizing may indeed be the best option.
Can Family Courts in California Force Spouses to Sell Their Family Homes?
In other cases, spouses may have no choice but to sell. The family court in California has the authority to force this real estate transaction, and they may do this under various circumstances.
The first and most obvious situation is one in which spouses cannot agree on how to divide the family home. If neither spouse is willing to give up their share of the family home, the family court might push through a sale. Spouses will then divide the proceeds, and they may choose to purchase separate homes with their share of the cash.
This is not ideal for many spouses, and creating an agreement outside of court is the goal for most spouses. These forced sales can occur at inopportune times, perhaps during “dips” in the real estate market. Spouses may agree that if a sale must go forward, it should wait until the market recovers. When the family courts force a sale, however, spouses have little control over the circumstances of the transaction.
What are My Options When Dividing a Family Home in California?
Property division lawyers in California can help spouses consider various alternative strategies when approaching the subject of a family home.
One of the most popular options is a “buyout.” This is when one spouse becomes the sole owner of the family home while providing the other spouse with a financial settlement equivalent to their share of the property.
Another option is to continue to co-own the property. This is usually quite complex, and it may lead to disputes in the future. However, it may be especially effective on a temporary basis – especially if spouses wish to wait for a better housing market.
Find a Qualified Divorce Attorney in California
Selling the family home is only one possibility for spouses approaching divorce in California, and this issue may be resolved in a range of different ways. To discuss this subject in greater detail, consider booking a consultation with the RM Law Group. With our assistance, you can determine the most appropriate course of legal action.
Jason Martinez is a co-founding partner of RM Law Group, LLP. His practice focuses exclusively on California Family Law and community property division, including litigation and settlement of complex and high-conflict divorce and child custody proceedings. Jason understands that divorce and family law issues have long-term effects on all family members, especially the children.
