What happens to the family home when divorcing in California?

During a divorce in California, there are typically a few important things or relationships at stake. Considering that, one of the more coveted things in a divorce is understandably a couple’s marital home. Fortunately, most divorcing couples have a few options regarding what happens to this property.

Selling the home

In some cases, divorcing couples might prefer to have as few interactions with their former spouse as possible. If that’s the case in your divorce, selling the marital home might be the wisest option. Splitting this home’s profits also lets each party in a divorce cover expenses and prepare for life after divorce.

Sharing ownership of a marital home

Depending on how two divorcing adults get along, co-owning a marital home is an option to consider. In this situation, both parties would work together to split a mortgage and work out payment dates. It’s also beneficial for a former married couple to learn when selling their formerly shared home is best and who keeps what proceeds from this sale. This option works well when parents don’t want their children to move to a new home or school district.

Buying out your former spouse

Some people in a divorce want the marital home so much they’ll buy out their former spouse’s share in it. Typically, this process involves the person who wants the marital house to pay their ex-spouse half of this property’s current market value. This arrangement works out well for the person wanting to keep the house. The other party typically gets a decent sum to help fund their living situation.

Getting the desired outcome regarding a marital home is great. But don’t spend all your money immediately if you get a buy-out or sell the home. You might need some of that money to cover capital gains taxes.

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