Many divorcing couples in Orange County will face the question of what will happen to their marital home. In fact, it’s a property division issue that is the biggest concern after the impact on children and how finances will be arranged, according to one legal website’s survey. Family law experts have tips for homeowners who are splitting up and own a home together. They say that different approaches should be used in cases where both parties want to sell the home, only one party wants to or when neither wants to.
When both parties want to sell the shared house, experts say, it is relatively straightforward to do so. All the couple needs to do is agree on a listing price, when the home will be shown and how the expenses pending any sale will be divided, according to one prominent Philadelphia divorce attorney. She adds that the soon-to-be-divorced couple will also need to decide if the proceeds from the sale will be put into escrow or distributed. Another attorney reminds couples to look closely at capital-gains tax exposure as well.
If the divorcing parties doubt that their home can be sold at a profit, the situation can become more of a challenge. Of the divorce is a nasty affair that everyone wants to get behind them, selling the home for a loss may be the only available option. Another way it could be handled is to allow one spouse to live in the home while they wait for its value to rebound, then try to sell it for a profit.
Property division is a tricky area in divorce. An Orange County attorney may help clients work out an equitable division of their marital property.
Source: Reuters , “Splitsville? How to divide property in a divorce“, Geoff Williams, October 07, 2013