Who Gets the House in a Divorce?
Who Gets the House in a Divorce?
Divorce can be a difficult and emotional process, especially when it comes to dividing assets. One of the most significant assets that a couple may own is their home. However, determining who gets the house in a divorce can be complicated, especially in California. In this article, we will discuss how assets are divided in a California divorce and how Widger & Widger, APLC can help individuals going through a divorce in California.
In California, assets acquired during a marriage are considered community property. This means that they are owned equally by both spouses and should be divided equally in a divorce. The division of community property is generally straightforward when it comes to assets like bank accounts and vehicles. However, the value of a home can be more challenging to determine.
To determine the value of a home, a real estate appraiser would typically be consulted. The appraiser calculates the value based on the size, location, and condition of the property, as well as comparable home sales in the area.
Once the value of the home has been determined, it can be divided in one of several ways. One option is for one spouse to buy out the other spouse's share of the home. This means that one spouse will keep the home, and the other spouse will receive a cash payment equivalent to half of the home's value. Alternatively, the home can be sold, and the proceeds can be divided equally between the spouses.
If there are children involved in the divorce, the spouse who retains custody may be more likely to receive the home as their primary residence. However, this does not mean that they automatically get to keep the home. The division of assets in a divorce depends on several factors, including each spouse's income, earning capacity, and other assets.
Divorce can be a difficult and emotional process, but it is essential to understand how assets are divided in California to ensure that you receive a fair settlement. The division of community property can be challenging, especially when it comes to determining the value of a home. At Widger & Widger, APLC, we understand the complexities of California divorce laws and can provide legal assistance to ensure that your rights are protected. Contact us today to schedule a consultation with one of our experienced divorce attorneys.
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