Going through a divorce is an emotional time for several reasons. Not only are you coping with the end of your marriage, but you may feel sad about what will happen to your family home. For many, this means you may have to sell your house. However, many are unsure of what their options are during these matters, so it’s in your best interest to connect with an experienced Los Angeles division of assets attorney who can help you navigate these complicated issues to fight for the best outcome.
Is a House Considered Sole or Joint Property?
During your divorce in California, it’s important to understand what is community property and what is not. One common issue homeowners face is wondering if their home is separate or marital property. Generally, if both you and your spouse are on the deed, it is considered joint property. However, this does not automatically mean that someone who is not on the deed does not have a right to the home. If your spouse contributed in any way to keeping the home, like making mortgage payments or doing renovations, the courts will likely order that they have a claim to the property.
It’s also important to understand that you don’t have to sell your home unless you are ordered by the court to do so or you and your spouse agree to sell. However, if you decide that one of you will remain in the home in exchange for assets of equal value to your home, you do not have to sell.
When Is It a Good Idea to Sell the House?
Many are unsure of when they should sell their home during the divorce process. In general, it’s considered ideal if you and your spouse can agree to sell before the settlement is finalized. This can help ensure this is a part of your settlement without making modifications. Additionally, if you can sell while you are still legally married the capital sales tax cap you will incur is twice as high as it would be if you did this while single.
While you can sell during a divorce, it can put you in a tough financial situation as you may find that some sellers understand that you and your spouse are in the midst of a divorce and will use that to negotiate on the price. This is because they know the financial situation you and your spouse are in and the rush you may be in to sell the home and finalize your divorce.
If you sell after, you may face pressure as not the home is entirely the responsibility of one party instead of two. In addition, you may be unable to handle the mortgage, and waiting to sell can have an impact on the outcome of your property.
As you can see, this can be an incredibly complex process, which can only contribute to the stress you may feel because of the divorce. That’s why it’s in your best interest to connect with an attorney who can help guide you through this process. At the Zitser Family Law Group, APC, our dedicated team has experience handling complex divorce matters, which is why we are dedicated to helping you through these complicated times. Connect with us today to learn more about how we can help you.
