What To Do With Your Home During California Divorce
Hi, Tim Blankenship here with divorce661.com. In this video we’re talking about how to deal with your family at your home while going through a divorce.
So essentially you have a handful of options when it comes to dealing with your house. Number 1 obviously, the 1st option would be to sell the house. Well normally that might be the easiest way to go if you guys need to split the equity in the property because each of you need some, let’s say getting started money.
Maybe you’re going to buy a new residence and you need some liquid cash to be able to that. That’s number 1 option.
Number 2, one of you could buy the other party out. Now this is possible only in a few occasions, and can address some of the quick issues with what could possibly come up with the buyout. Number 1 is there could be no equity in the home and therefore there’s no way to really refinance the property. Number 2, there might be credit or income issues for qualifying for the other person, for the person keeping the home to qualify for the buyout.
And number 3, it just may not be possible for you guys to come up with the money as a buyout either with a 2nd or something like that. So that option may not be on the table. However, consider the fact that you can is other equity, other assets to offset.
So for example, if there was 100,000 dollars in equity, 50,000 each party, and you guys wanted to do a quote unquote “buyout” for the house it doesn’t have to come from the house necessarily. Maybe there’s 50,000 dollars in another asset, a vehicle, maybe a 401K, maybe a savings account and you use that to offset the difference.
That can be a workable option, and number 3, what we see sometimes is when there are minor children many times one of the spouses prefers to stay in the house for a period of time post divorce. So you get through the divorce process but maybe the kids are 15, 16 or it doesn’t matter age. Maybe you guys agreed to keep the children in the family home with one of the spouses so the kids don’t have the disruption from moving and so forth.
We’ve seen that quite a bit as well. So sell, buyout and, or keep the house. Both of you maintain it. Figure out a way to make it work. Again, we’ve done that plenty of times. Keeping one a spouse and the minor children in the house with a future sale date meaning the parties agree to keep the house until the kids, you know, the last child turns 18 and graduates from high school, something like that.
So that’s kind of your options when it comes to dealing with your house during divorce in California. Tim Blankenship, divorce661.com. Hope this was helpful. If you have any questions feel free to give me a call. The number’s on your screen or you can go to divorce 661.com and schedule a consultation with me directly. Thanks for watching and have a great day.
