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Who gets the home in a divorce?

On Behalf of | Aug 9, 2021 | Divorce

Divorce brings with it many financial decisions. Although California spouses might focus on irreconcilable differences or abuse when filing, attention eventually centers on asset division and financial settlements. Many questions may deal with what to do with a family home. Selling the house and dividing the proceeds reflects one option, but the two parties might not agree on how to go about things.

Divorce and selling a home

Several questions arise when examining asset distribution during a divorce settlement. Whether something is marital or separate property would be among the most critical, and any language written into a pre- or post-nuptial agreement might face a careful review.

Not all divorces are bitter, drawn-out affairs. Some couples may divorce amicably, although they could be somewhat apart on agreeing to who gets which assets. With a home, personal feelings may override financial decisions since homes might come with sentimental value. Regardless, both spouses may benefit from looking at both the positives and negatives associated with either keeping or selling the house.

Other options for the home

A divorce settlement may result in one spouse accepting specific assets and leaving the house to the other spouse. Sometimes, one spouse cannot part with the property, so the other spouse lacks interest in keeping it.

Choosing to keep a family home might be the right decision for some spouses, but others could regret the decision. A home comes with many expenses, and the person living in it might run into budget troubles trying to pay insurance, maintenance, and more.

Both spouses may wish to keep the house, but one spouse could be open to a buyout. Even co-owning and renting the home is an option, as are other outcomes.