Deferred home sale -San Diego Divorce Lawyer (858) 922-7098
As you go through the process of divorce, you can’t help but wonder what will happen to your beloved home. Should you try to stay in it with the children for a while after your divorce, or should you give it up immediately as part of the divorce proceeding? In other words, should you sell the house before or after the divorce proceeding?
The reality is, the family home is often one of the most valuable assets that a married couple has, so naturally, it may rank among your biggest concerns during the divorce process. And if it’s not separate property in California, you and your spouse will have to reach a settlement on how to address it during the property division process. Otherwise, the court will make this decision for you.
The great news is that you may not necessarily have to sell your marital home right away. In fact, it may be better for you to hold onto it for a while after your marital breakup.
Here’s a look at how California judges handle the question “Should I sell the house before or after the divorce?”
Sell the House Before or After the Divorce? Reasons Why You May Want to Wait
In California, you could remain in the family home for a time even after getting divorced. That’s because community property—property that you and your spouse accumulated while married—doesn’t have to be sold before or even after a final divorce judgment is entered. After all, it may be in your best interest to stay in the property temporarily after your divorce.
For instance, let’s say that your spouse would like to sell the house right away to break all ties with you. However, as you ponder whether to sell the house before or after the divorce, you realize that this isn’t the smartest move for your family. You may want to keep living there so that your children can continue to attend the same schools. In these scenarios, you may want to defer, or delay, the sale of the home until the children have graduated from high school.
Sell the House Before or After the Divorce? What the Court Will Look At
In considering whether a deferred home sale would be appropriate in your situation, the court will look at a number of factors. For example, first, what is your income? Also, will you be receiving child support or spousal support to supplement your income? Or, will you receive other funds that will help you to make your house payments by yourself?
The goal of the court in determining your ability to maintain the house payments is to prevent you from defaulting on your home loan. After all, in this case, you and the other party from losing any of the equity you have in the house. The court also aims to prevent the home’s condition from deteriorating in the years ahead.
How to Decide Whether to Sell the House Before or After the Divorce
Note that in the state of California, both you and your future ex have a financial responsibility to approach the possibility of a deferred home sale in a manner that is in your “community’s” best interest. This means that you both are required by law to act honestly and fairly in this area.
If you’re not sure how to proceed with this matter, an attorney can provide you with valuable advice about whether to sell the house before or after the divorce. Consulting an attorney is a wise idea because the attorney can tell you how your home’s sale will affect your divorce case, as well as the pros and cons of staying in the home after your divorce judgment. In addition, the attorney can help with drafting a settlement agreement that will ultimately protect your best interests.
Receive Legal Help with the Division of Community and Separate Property in California Today!
If you are thinking about deferring the sale of your home, or if you need help with determining what is community versus separate property in California, you can receive the helping hand you need at the Law Office of Michael C. MacNeil.
I, attorney Michael C. MacNeil, can guide you through these complex processes so that you fully understand all of your options and can make educated decisions regarding asset division. Contact me to get started today. My ultimate goal as a family attorney is to help you to protect your rights and ultimately receive the assets to which you’re entitled.