Buying real estate is something that married couples frequently do together. They invest in property where they live, as well as vacation homes. You and your spouse might even own rental properties that you lease for income.
When you divorce as a real estate owner, your real property will play a big role in your divorce proceeding. What are some of the ways that you can handle your house in a California divorce?
One spouse can keep the house
If there is only one home to consider, then you may agree that one spouse will continue to live there and give the other their share of the equity in the property. If you have a vacation home and a primary home, one property could go to each of you, with proper consideration of any difference in value. Such solutions will typically require refinancing unless there is other valuable property to divide.
Parents can share the house for the children
Especially if the family has young or special needs children, the divorcing couple might agree to co-own ownership of their marital home. In a birdnesting arrangement, the children don’t ever have to change where they live because the parents stay in the family home during their parenting time. Birdnesting can be a way to promote stability for children who feel vulnerable during a divorce.
Owners can liquidate their properties
If neither of you can qualify for the financing on your own or if you do not have intense emotional attachments to your real property, then selling the homes to split the proceeds may be the most straightforward solution for your real estate in your divorce.
Considering the benefits of each of these approaches can help you decide what to do with your most valuable property as you prepare for divorce.