Property Division
Divorce cases involving real estate
San Diego Property Division Attorneys
Protect the Rights to Your Assets
During a divorce you will have to reach a property settlement agreement with your spouse. Under California community property laws, assets and debts acquired during the marriage belong equally to both spouses. Assets and debts acquired before the marriage are generally considered separate properties.
A couple going through a divorce decides how to divide communal property in a way that is fair to both parties. Sometimes a couple is able to reach an amicable, collaborative agreement using mediation services. Other times conflicts arise and asset division must be decided by an arbiter or judge in family court.
Whether you pursue mediation services or go to court, it is important that you protect your rights with a San Diego divorce attorney fighting for your interests. At Holstrom, Block & Parke, a Professional Law Corporation, we have the experience and resources you need to ensure a fair property settlement. We understand that asset division is particularly difficult for many divorcing couples, and know what it takes to reach a positive outcome for you and your family.
Who Will Keep the House?
The most contentious point in many divorces is the house that the couple purchased during the course of the marriage. The marital home is often the highest value asset in a divorce, and when there are children involved, emotional and practical considerations arise. You have to keep in mind where the children will live after the divorce, tax implications, and reimbursements.
Determining who will keep the family home—or whether it should be sold—is not always simple. The most straightforward case is when the couple purchased the home together during the marriage and are both on the property title. What if they purchased the home during the marriage and only one spouse is on the title? This does not necessarily mean the house is a separate property. If it can be shown that the spouses had an agreement or understanding that the house belonged to both of them, the court may decide the house is community property.
A house that is determined community property may be divided several ways. Sometimes one spouse buys out the other spouse’s share of the property and keeps the home. In this situation, the full costs of home ownership must be taken into account—insurance payments, utilities and bills, and property taxes in addition to the mortgage.
Usually the spouse that keeps the home will refinance in his or her name. In San Diego, where property values are high, this may present financial a challenge. If it doesn’t make financial sense for either spouse to own the house, selling the home and splitting the cash is the other option divorcing couples consider.
What is the Best Course of Action?
Divorce proceedings related to property division is different for every couple. There is no one-size-fits-all solution. The division of properties and assets in a divorce is too complex for you to navigate by yourself. An experienced property division lawyer can guide you through mediation services in San Diego or family court, empowering you to create a fair and positive agreement.
Contact our San Diego family law offices so we can help you keep what is yours.
