Splitting the Home

When involved in divorce proceedings, splitting the family dwelling is a concern. This is usually the largest asset that is shared between partners. If children are involved, it becomes more complicated since this is the house in which they have grown up. Also, if the mortgage is not fully paid off, the house is also the largest liability shared between two people involved in a divorce.

If one person in the marriage keeps the home it can be a simple matter. The judge will set a date on which the other spouse is no longer financially obligated toward the house and when he or she will have to vacate the household. One spouse will therefore buy the other portion of the house out. If children are involved, sometimes one spouse will stay in the marital home with the children.

However, some couples set up certain standard that must be met before the home is sold outright. Some of these prerequisites include:

  • When the spouse residing in the marital home remarries
  • When the children are no longer minors and turn eighteen
  • When the spouse is co-habiting with someone else

If the home is sold outright, the situation is even easier. The house will be sold and the equity from the house divided equally among both parties. However, the responsibility of selling the home will usually fall on one spouse. Sometimes the spouse in charge may take longer than necessary to get rid of the home. As such, it is sometimes safer to add prerequisites to selling the home, too. For instance, create a deadline of when things should be done in order to sell the property. And also account for the fact that the home might not sell immediately, and make provisions for that situation.

Contact Us

If you are considering filing for divorce and are having trouble splitting your assets, contact the San Diego divorce lawyers of Fischer & Van Thiel, LLP today at 760-722-7646 for the legal assistance you need.

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