How To Split Proceeds Of Home Sale During Divorce In California
If you are going through a divorce and own a home, you are going to have to decide to sell or buy the other person out. If you decide to sell, there are ways you can split the proceeds from the sale of your home during divorce to protect yourself.
Tim: Yes, I had a client of ours who is selling their house, going through Divorce and the concern was how is the check going to be dispersed?
Is it going to go in our joint account? What if my spouse gets through to it first and takes it all out? Is there a way of dispersing the money from the sale to separate accounts or can it be, how can that be?
Connor: That’s a part of the mutual agreement.
Connor: With Escrow, typically, how it’s normally done is both. And it’s going to depend if there’s a Court Decree in place, excuse me.
A Court Decree can label an Escrow account when the money goes in and separate and then it’s divided up by the court whatever the pre-arrangements maybe.
Let’s say it’s one of these easier Divorces, if you can even say that then at Escrow they can drop an instruction where if it’s a 50% split or 30-70 or 60-40 or whatever it maybe, then that particular once it closes after the funds is going to record, then as soon as those funds would typically get diverse.
First by check, they would be wired or separate checks mailed or –
Tim: There’s a way to deal with that?
Tim: That’s good.