Splitting your property with your ex can be one of the hardest parts of getting a divorce. It can be hard to compromise when emotions are high, and it is common for both spouses to want the same assets from the marital estate.
For example, both spouses frequently seek to retain the marital home in a California divorce. Some people want to keep the marital home because of emotional attachment. Others simply want to make sure that their children can stay in the same school district. For many people, keeping the house is about preserving their investment in the property.
If you and your spouse own a house together, it may be your biggest shared asset. Is staying in the home your priority in your divorce?
Keeping the house isn’t always practical
The person who keeps the house still has to compensate the other for their share of its value based on community property rules in California. Before you decide to fight for the house, you need to think carefully about whether you can afford it.
Even with a good job and a strong credit score, you might still struggle to finance a home on your own. You also have to factor in the possibility of withdrawing equity to compensate your spouse. Looking at your finances carefully and considering why you want to keep the house can help you determine if seeking possession of the home is a practical goal in your upcoming divorce.
Learning about community property rules and the current real estate market can help you plan for your upcoming California divorce.