Family Laws Relating to the Division of Property in California
Family laws relating to the division of property become applicable when the partners do not come to a mutual agreement. The court will oversee the division of the property according to the relevant state laws. Here we will explain the family laws relating to the division of property that is applicable in the state of California.
Family Laws and Division of Property in California
Family property division laws in California favor equal distribution of the properties. In the absence of an agreement, every asset obtained during the marriage should be divided equally. The joint obligations are divided by the net value of the assets, and each partner gets half of the net asset value.
However, there are certain things that cannot be equally split such as the house.
Generally, the partner who is the legal owner of the house gets to keep the property. However, in case of jointly owned property, the partners can agree on one of the following options to divide the property.
- Buy the House — One of the partners will have the option to buy the house by paying the other partner’s interest in the house. The partner who buys the house must refinance it to remove the other partner from the existing mortgage. Sometimes the court may order the selling spouse to make a mortgage payment in the form of spousal support. In such a situation, the spouse who makes the payment can claim tax deductions.
- Sell the House —Another option is to sell the house and divide the amount obtained equally between the partners. This option is taken when neither of the partners can afford to buy the house.
- Deferred Sale of Home —In case the divorced partners have minor children, the court may order to defer the sale of the home. In this situation, the partners remain joint-owners of the house for a specific period of time. During this time, the custodial parent has exclusive possession of the house. The aim of the deferred sale of home order is to reduce the psychological impact of the divorce on kids.
Hire Family Law Attorney in California
Divorce is a tormenting time that involves a lot of hurt and grief. Getting caught in legal matters is the last thing that you would want in such times. This is where the services of an experienced divorce attorney who’s familiar with California family law and property division laws will prove invaluable. The lawyers at Schwartzberg | Luther, APC have offices in Victorville and Rancho Cucamonga to help families fairly and efficiently work through a divorce and division of real property and other assets.
Hiring an experienced family law attorney can minimize the mental pain associated with divorce. You can let the family lawyer look over legal matters relating to house ownership, property division, and child custody. The divorce attorneys at Schwartzberg | Luther, APC will help ensure the fair and equitable division of properties after a divorce.