Divorce Rates Increase in Temecula, CA.

By admin • April 1st, 2009

Determining what to do With Your Home When Divorcing in Temecula, California

When going through a divorce, one of the hardest things to deal with is what happens to your home. It is not always necessary to sell your home but there are many options that have to be considered when deciding how to divide real estate during a divorce settlement.

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It is important to determine the value of your home. The most cost effective method of doing this is to hire a licensed real estate appraiser. An appraiser will provide an objective and accurate divorce valuation of the market value of your home. Be sure that you use a Temecula appraiser to ensure that your appraiser is familiar with the area.

You also need to determine the equity that you have in your home. Equity is determined by subtracting money owed from the actual value of the property. Be sure to factor in what you still owe on the mortgage, second mortgages, and home equity lines of credit. You also need to figure out what portion of the equity is non-marital versus marital. Non-marital assets are not divided between the individuals who are divorcing. Be aware that all assets are marital unless you can prove otherwise.

Once marital and non-marital assets have been determined, you may begin to divide the assets. It is possible for you or your former spouse to keep the home. However, the spouse who does not keep the home must be compensated. If it is decided that you are going to keep the home, your former spouse may be given other assets that will compensate. You may decide to refinance the mortgage. This is to remove your spouse’s name from the mortgage. When you refinance, you may want to consider securing additional funds in order to pay for your spouse’s half of the house. It is also possible to make an arrangement that you pay for your spouse’s half of the house over time, with or without interest.

If neither you nor your spouse wants to keep the home, it can be sold and the profits divided. You can either decide to sell immediately or at some point in the future. Both parties must agree to a future sale. You may decide to sell in the future if you have children that you do not want to uproot.

 

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