Many married couples in California and elsewhere place a great deal of thought into the process of buying a home. Should a couple decide to take separate paths in life, they may be uncertain how to deal with the family home during divorce proceedings. When facing a similar situation, one might find it beneficial to consider the potential advantages and disadvantages of keeping the family home before entering negotiations.
In many cases, the family home consists of a substantial portion of a couple’s wealth. It may also hold a certain level of sentimental value, which could cause one or both parties to favor keeping the home. However, when transitioning from a two person income to one, an individual might want to consider the potential costs of upkeep and maintenance associated with the home.
Another area of concern in pursuing the family home revolves around the presence of a mortgage. Following divorce, one may wish to refinance the mortgage, or obtain a new one entirely, but giving a similar process a fair amount of deliberation before choosing a path is advisable. In some cases, it may be more beneficial for everyone involved to consider selling the home and splitting the proceeds.
With numerous options to consider, each of which could have a substantial impact on a person’s financial future, an individual may find it beneficial to seek advice early on. By speaking with a family law attorney, a client in California could obtain guidance in covering every aspect of the process. An attorney can address a client’s concerns and needs and provide advice on how to pursue a favorable outcome during divorce proceedings.
Source: huffingtonpost.com, “It’s Harder to Divorce the House Than the Spouse!“, Ashley Tate Cooper, Accessed on Oct. 17, 2017