Family Law Blog

Property Division Options for Houses

Friday, September 09, 2016

Property division is a big part of dissolving a marriage, and California couples often have trouble deciding who gets what. A particularly sensitive issue might concern what to do with a house. This is a big asset that both parties may have a right to, so here are just a few possibilities for handling divorce and real estate.

Sell the House

The easiest thing to do might be to sell the house. Any profit gained would be split between both parties. While selling a house involves its own hassles, this is a fairly straightforward approach when it comes to dividing assets.

Divorcing With Kids

One or both parties might wish to stay in the house. If children are involved, it may be a good idea to let the custodial parent stay in the home with the kids to make the process easier on the children. Otherwise, both people might need to negotiate.

One Person Keeps the House

If staying in the house is a big priority for one partner, the other person must get something in return for his or her share of the house. Here are two options:

1. Buy out the other person. This could involve giving them a bigger share of a savings account or more valuable assets.

2. Agree on a fixed price for how much the other party receives when the house is eventually sold. A fixed amount gives the other person peace of mind if the housing market goes down while ensuring the person who keeps the home does not have to share profit that comes from improvements made after the divorce.

To find out more in-depth information about property division and options for real estate, contact us today.