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Several options exist for addressing marital home during divorce

During the process of getting divorced in California, a couple has three options when it comes to the marital home. Regardless of which route they go during their divorce proceeding, an important initial step is to determine the home's value. This is possible by getting an appraisal done. In fact, two appraisals are even better.

Even when a divorce proceeding is relatively amicable, both spouses may benefit from ordering their own appraisals. This protects both parties, and it helps to confirm what a reasonable home price would be for their property. Then, after figuring out how much the house is worth, they can subtract what remains owned on it and get their equity number. This is the amount they must divide as part of the divorce proceeding.

One way to divide the equity is to sell the home and then split what is earned. Another option is for a spouse to keep the home and then refinance the mortgage, thus taking the other spouse off of the loan. Then, the spouse with the house can buy out his or her ex-spouse's share of the home equity. A third option is for both parties to keep the home temporarily. This may be necessary if the two spouses cannot afford their own homes or because they want to wait for a better time of year to sell the house.

Navigating property division involving the marital home can be tricky due to the emotions and financial concerns involved. However, spouses may be able to resolve these issues through informal negotiations, which can be less hostile than going to trial. A divorce attorney in California can help to ensure that one's wishes and best interests regarding property division are upheld during all stages of this type of family law proceeding.

Source: huffingtonpost.com, "How to Split Home Value in a Divorce", Holden Lewis, Nov. 28, 2017

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