Disposing of a House in a Divorce

The most valuable asset that a couple might have is the family home. How you dispose of involves the answer to the following questions.

Does Either Spouse Want the House?

One spouse may want the house while the other does not. In this case, it may make sense for the spouse to keep the home. However, in many cases, neither spouse may not want the house and it can be sold.

Can the Spouse Who Wants the House Afford It?

Divorce can impact the financial health of both parties after the divorce. Just because one spouse may want the house does not mean that it will be financially feasible for that spouse to actually keep it.

Can Both Spouses Agree on the Value?

If the value of the house can be determined, one spouse may receive assets equal to his or her share in the house. If the house is sold, the proceeds can be divided between both spouses. However, if the parties do not agree on the value, a trier of fact may need to decide the value of the house and how it should be disposed of. Still, it may be possible to determine the value of the home without having to engage in the most expensive form of determining its value, which your attorney may advise. For example, an objective appraiser may be able to give an approximate value of the home.

If you would like more information on asset disposition, contact Equal Justice Law Group attorney David Foyil at 916-542-6555.

– See more at: http://equaljusticelawgroup.com/disposing-of-a-house-in-divorce/#sthash.6cfoDvep.dpuf

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