When it comes to matters of divorce, it can be very easy to feel as though things are not as fair as they should be. Sometimes, the issue of how to divide property can become very personal. Bricks and mortar may be worth more to an individual than mere dollars, and real estate may be seen as the ultimate prize to many a resident of California. People may find it more productive, in the long run, to find a less emotional way to deal with the issue of property division.
First, one must decide whether it is important to them to retain the marital home. One must also consider whether this is a financially viable option, when a forecast of one’s future income and expenditure is taken into account. If a couple is still on good terms, it may even be possible for them to continue to share the marital home while maintaining separate lives and finances, as roommates. There is also the question of whether the property may be considered community property, or whether it was wholly owned by one spouse prior to the marriage. It is worth bearing in mind that there can also be tax implications when selling real estate, in particular relating to capital gains tax.
It is prudent to avoid making a hasty decision based on one’s emotions, instead keeping a clear head and focusing on the practicalities of the options available. If both parties agree to the sale of the marital home but cannot avoid arguments when they meet, their realtor may be able to organize the sale preparations without either party having to meet with the other. In order to make a successful sale, it is better to avoid confrontations, especially during times when viewers may call.
If coming to a mutual agreement is proving difficult, one may wish to consider entering a mediation process. This may assist not only in matters of property division but also other considerations — such as child visitation — and may also contribute to a reduction in time spent in a courtroom. It is essential that California residents seek appropriate advice and guidance in all areas affected by their divorce, in order to secure the best possible outcome for their future.
Source: ocregister.com, “A house divided: 9 real estate questions for couples going through a divorce“, Jeff Collins, Nov. 29, 2014