When a couple decides to divorce, one of the most common concerns regards what will happen to their shared home. However, when you took out a mortgage to purchase the property and are still paying it off, this can become even more complex. As such, the following blog explores what divorcing couples should know about how their mortgages will be distributed during a divorce and why it’s in your best interest to reach out to a Los Angeles division of assets attorney to ensure you have legal representation for these matters.
How Are Mortgages Divided in California?
In California, assets and debts are divided according to community property laws. If you took out the mortgage when you were married, this is considered joint or marital debt. As such, the mortgage will be split between you and your spouse, as California law has ruled both parties are entitled to an even split of marital assets and debts.
It’s important to understand that if the home was bought before marriage but the title was changed to include the spouse, it will be deemed marital property.
What Options Do My Ex-Spouse and I Have?
As you and your ex are responsible for half of the mortgage, there are a few options you have regarding how to handle the debt. In many instances, the spouse who wishes to remain in the marital home will refinance the mortgage so it is only in the spouse’s name as opposed to both. This allows the other party to be relieved of the mortgage payments. However, the spouse looking to remain in the home will buy out the other’s interest in the property.
Another option many couples opt for is to sell the house and split the funds generated by the sale. However, if you and your spouse are not on civil terms, this can be a draining process. Selling a property is stressful enough, but when you add a spiteful spouse into the mix who wants to make matters exceedingly challenging for you, this process can be overwhelming.
How Can a Lawyer Help Me if Conflict Arises?
Trying to navigate a divorce and the division of a complex asset like mortgages can be incredibly overwhelming. As such, it’s in your best interest to leave this matter to a family law professional.
At the Zitser Family Law Group, our dedicated firm understands that you may not have time to try and navigate a divorce and the division of assets on your own. As such, our dedicated team can help you through these times by handling the legal complexities of this matter so you can focus on starting the next chapter of your life. Connect with our team today to discuss your unique circumstances and learn how we can best help you through these times.
