Are you getting a divorce? Have you already made provisions for the marital home? Splitting property in your case may be one of the most complicated ordeals that you will face when you are trying to determine your divorce. Most states uphold a law called equitable distribution, which makes sure that both spouses receive a certain portion of the marital home unless otherwise stated in the court documents.
Yet it is very important to note the valuation date that is recorded in the divorce documents. If one of you lives outside the home during the time that the appraiser comes to estimate the worth of your home, then the regular expenses of the house will continue to be split halfway during the divorce proceedings. Yet if the property value increases after the valuation date, the spouse who remained on the property might get extra money from the sale after the divorce is finalized.
You will want to consult with an attorney if you want to make sure that this doesn't happen to you, or if you want to make sure that you get the full value that you are due for the house. If both you and your spouse don't want to keep the house, then you should sell it and split the proceeds. If one spouse prefers to keep the house, then an attorney will need to determine whether or not the party that is interested in the home can maintain the house on a solo income.
If one individual chooses to keep the home, then he or she will need to buyout the other party. If the spouse does not have sufficient assets to buyout the other spouse, then the couple is better off selling the house and splitting the proceeds. If the spouse does have enough assets to buyout the other, then both parties must agree on a value for sale. This may involve some comparative analysis and appraisal. If you want more information about how to divide or deal with a house during divorce, then you need to speak with a San Fernando divorce attorney at Cutter & Lax today for more information!