Your divorce will change your life in many ways. It’s a stressful, emotionally complex process, and the choices you make during this time will impact your life for years to come. It is in your interests to think clearly about things and to keep your focus on what will be best long-term. This will keep you from making emotional or irrational decisions that will not be good for your future.
One of the most important concerns you may have is what will happen to your family home. You may not want to move, but can you afford to keep the house? Can you maintain the house and pay for upkeep expenses on your income alone? These are important questions that can help you determine the best way forward during your divorce.
Important considerations for your house
One of the most important factors for what will happen to your home are property laws in the state. California is a community property state, which means that if you and your spouse cannot settle this issue out of court, these laws will determine what happens next. Community property encompasses all marital property, which may also include your home. This means that you will have to share a 50-50 split of any proceeds from selling your home.
Some couples are able to negotiate a reasonable agreement on the issue of the family home. For example, you may be able to keep the home, but you may have to take less retirement savings or give up your claim to spousal support. It’s easy to make a rash decision in these situations, but it is in your interests to consider everything from taxes to utility costs when deciding if you really want to keep the home.
What about your mortgage?
You may be wondering what, exactly, is going to happen to your mortgage when you go through a divorce. In many cases, the couple will have to sell the home and pay off the mortgage. If one spouse wants to keep the home, he or she may have to buy out the other spouse’s share and take over the payments.
Dealing with the family home is one of the most complex issues of a divorce. If you are thinking about your options and deciding what is best, you may want to consider speaking with an attorney about your legal options. It is prudent to seek an honest assessment of your case and a clear explanation of what will happen to your home.