Kevin Qualls Family Law
Maintaining Professionalism. Preserving Civility. Finding Answers. Practical Guidance On Important Divorce And Custody Matters

Selling the family home during the divorce process

If a California couple is in the midst of a divorce, the once happy family home may become a place of bad memories for both. If neither party wants to keep living in the family home after the divorce, they may decide to sell the home and split the proceeds. Naturally, both parties want to see the home sell for as high a price as possible.

Keep in mind, however, that the equity in their home will not match the current valuation of the home. This because there are additional expenses associated with the sale of a home, such as realtor commissions, mortgage balances, taxes and other expenses. A realtor can help by creating a seller's net sheet that lays out what the couple can anticipate to walk away with when they sell their home.

In addition, there is the query of what to do with the home if it is up for sale, but the parties' divorce has not yet completed. One thing to consider is who will continue to remain in the home during this time of limbo. If the parties have a child, the parent who has custody of the child may want to stay in the family home. In addition, sometimes it can take a long time to sell a home. If so, the mortgage payments need to be taken into consideration in the final divorce decree.

If a couple's divorce is finalized, but their home has not yet sold, they will need to make some decisions regarding what to do moving forward. Sometimes, the value of a house is less than what the current mortgage balance is. If this is the case, the newly divorced spouses may take the home off the market until the value of the home goes up. The divorce decree should contain provisions on how to divide the proceeds of the sale, once it finally happens.

In the end, there needs to be a plan regarding what to do if their home is sold before the divorce is final or, conversely, what to do if their divorce is final but their home has not yet sold. These are important decisions to make that could have a significant effect on property division, so it is important that couples come to an agreement on these divorce issues, despite the tensions they may have between each other.

Source: Daily Republic, "Divorce and the family home," Nicole Solari, Oct. 15, 2016

No Comments

Leave a comment
Comment Information

Kevin Qualls Family Law
625 The City Drive South
Suite 470
Orange, CA 92868
Toll Free: 800-783-1934
Fax: 714-750-5983
Map and Directions