When a divorce takes place, several different issues can arise when it comes to dividing the estate. One of the most important pieces of property that needs to be divided is the home in which the spouses lived. If the home was rented, then dealing with this aspect of the division should not be difficult. However, if the home was owned by the spouses, several steps need to be taken in order to protect the rights of the husband. If you face this situation, seek the immediate help of San Diego property division lawyers. Below is an overview of how this process should unfold.
If the home is going to be kept and lived in by one of the parties, the first step that should be taken is that an appraisal should be done on the property. This will establish a base point from which to operate when it comes time to perform additional analysis and ultimately to divide the property in accordance with California community property laws.
After the home has been appraised, the next step is usually to analyze the note on the home if there is a mortgage and the home is not owned outright. The amount on the note will be deducted from the appraisal value so that the amount of equity can be defined. This equity can help guide the court towards an equitable division of this asset.
After the loan has been analyzed against the appraisal, it would behoove anyone who is getting involved in a divorce to search the title for any encumbrances. While it may not seem likely, spouses do not always communicate openly, and there is the possibility that a lien has been entered on the property. This can stall the ultimate division and put the entire process in jeopardy.
Ultimately, after all of the steps above have been taken, one of two actions will commence. One option is for the home to be sold and for the spouses to divide any profit that’s made equally. This is the simplest solution, but it’s also less common than having one party remain in the home, especially if there are children involved, as the custodial parent will often want to remain in place. If this is how things proceed, then the spouse who will no longer be living there can in effect be ‘bought out’ of the home by taking half of the equity at that time. This equity can be paid in the form of cash or by apportioning the remaining assets such that the person who is leaving the home obtains a repayment by way of additional assets being moved to that person’s side of the division ledger.
Ultimately, there are many steps that need to be taken in regards to a home in a property division, and each of these steps should be taken so that the husband’s rights are properly enforced. If you need to make sure that you get what you paid for in the family home, contact the San Diego property division lawyers at the Law Offices of Mens Divorce Lawyers immediately to schedule an initial consultation.
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