Who Gets the House in a Divorce?
If you are going through a divorce or are considering one, you most likely have one or two assets that need to be divided. I’m not talking about your beanie baby collection. I’m talking about your house, rental properties or even real estate tied to your business. Splitting an asset can be complicated and is never as easy as drawing a line down the middle. Depending on when the asset was purchased (Before or during a marriage), how many times it was refinanced, who used what money from which bank account and other factors, the complications can start to multiply. The Moore Marsden Experts have seen it all and the calculations that we complete for you or your attorney will allow you to see how much of the home’s equity is yours.
It’s not black and white on who gets the house in a divorce, especially in California. Depending on a multitude of factors, the court may decide that one spouse gets to keep the primary house while the other spouse gets an equal asset such as cash or stocks. If a fair splitting of assets cannot be reached by both parties, the court may require the property to be sold. Regardless if the court requires the divorcees to sell the community property or if one party gets to keep the house, a Moore Marsden Calculation should be completed to see how much equity each spouse has a right to or if other equitable assets can be divided in lieu of selling the house.
If your situation is considered a “High-Asset Divorce” you may have rental property or business property above and beyond your primary home. If the property was purchased by you before the marriage and the financials were kept completely separate from the finances of the community, it is possible that you would get to keep that property separate from the community assets. If the investment property happens to be related to a business that one or both spouses are operating, a business evaluation may need to be conducted in order to determine the value of the property. If the business is kept by one spouse, that spouse may need to give the other party an equitable amount of assets to keep the property a part of the business.
In a divorce, splitting real estate assets can be more complicated than one could imagine. There are many calculations and factors that determine who gets to keep the house in a divorce. Most people don’t marry with the intention of getting divorced so you may have unknowingly made some major decisions that are now affecting how much equity you get. There isn’t always a straight answer to who gets to keep the house in a divorce, but the Moore Marsden Experts can help bring clarity to your situation.
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