If you are like the majority of people facing divorce, your family home is probably one of your largest assets. While each couple divides this asset in a way that works for their unique situation, there is some general information you should be aware of when it comes to your property.
Beware of the status quo
When the home is community property, both parties have a legal right to occupy the home. Before you make any decisions about the home, such as who will remain in the home, and who will move out, you will want to talk with your attorney. Any type of move, even if it is just temporary, may set a status quo that could be difficult to change in the future.
Talk to your bank
You will want to know your options even before filing for divorce with regard to the home. There are specific rules mortgage lenders have when it comes to making a loan during a divorce or separation. If you have plans to refinance or to purchase another home you may need to discuss the timing of those events carefully with your bank and your attorney before moving forward.
Keep or Sell
The decision to keep or sell the family home often depends upon the parties’ financial situation, emotional needs and rental options within their community. You will need to seriously consider your future financial position and all options available to you. Parties may choose to sell when avenues to compensate the leaving spouse for their community property share are limited. The court may also order parties to keep or sell the home.
There is a lot to consider in planning an effective property transition when it comes to divorce. Having an experienced divorce lawyer can make all the difference to your process. Because we focus solely on family law, we understand the dynamics and can help guide you through your divorce. Please contact Elise Buie Family Law Group, PLLC for a consultation regarding your divorce.