There is a lot to consider when Deciding what to do with a marital home during a divorce.
Why Do Some Choose To Sell?
There are benefits to selling the house in the midst of the divorce process, both financially and personally. The profit gained from the sale of your home might provide each spouse with a solid foundation to start anew. Selling the marital home and eliminating that shared investment can also help to provide closure in a legal and emotional aspect. Choosing to sell before the divorce is finalized can also help provide each party with the means to deal with other financial responsibilities and debts. Also, couples often decide to sell their home because it will no longer be affordable to keep it after they have separated
Preparing To Sell
Before you sell your home, consider the many choices and responsibilities headed your way. Some homes may require maintenance or updating before they are ready to sell, which takes money, time, and requires some decision-making from you and your soon-to-be-ex. Prepare yourself for these discussions by discussing your priorities with your divorce attorney and be sure to check in with your attorney before final decisions are made.
Dividing The Profit From A Home Sale
When it comes time to divide the profit made from the sale of your home, be sure to consider how your state handles property division. California is a community property state, which means everything purchased or otherwise obtained during the marriage is considered equally owned by each spouse. This means the house you lived in as a married couple belongs to both spouses, regardless of the name on the deed. There are some exceptions, like if the house was appointed to one person in a prenuptial agreement, but, for the most part, the house is a shared asset. As a shared asset, the responsibility during the preparation, sale, and the resulting profit should be split between both parties in an equitable manner.
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