The family home typically is one of the largest purchases a family can make, thus making it a huge concern for our clients who are divorcing. Previously we discussed the options for a separating family in a rental agreement. Today, questions will be answered with regards to the mortgage and the family home during property division and divorce agreements.
One major concern for clients facing a dissolution of marriage is the future of the family home. If you are renting, the solution may be relatively easier than if you are in an extended mortgage agreement, in which the appropriate action may be slightly more complicated. Regardless of your current housing situation, property division and the outlook of your home ...
In California, the law differentiates between community property and separate property when it comes to the division of marital assets. Deciding what qualifies as community property can be difficult, especially if a couple was separated for a long period of time before divorcing, or if one spouse did not immediately move out of a shared residence. A recent court decision ...
Property division in a California divorce is dependent on whether the property is characterized as community or separate property. Community property is property owned jointly by both spouses or domestic partners, while separate property is owned by only one spouse or domestic partner. In a divorce or legal separation, community property will be subject to division, but separate property will ...
If a divorcing couple agrees on a fair, reasonable division of property, the court will generally approve their agreement. But if a couple cannot come to an agreement, the court will determine how to divide the property in the divorce judgment. California is a community property state. Therefore, community property—both assets and debts—is divided equally between spouses upon divorce.
