California is well known for having some of the highest home prices in the country. If you have purchased a house, it is likely one of the most expensive assets that you own. It is very valuable to your family, and it is also an asset that you could sell.
So, if you and your spouse are going through a divorce, how should you address your marital home? Below are three options to consider.
Selling the house
As noted above, the house is likely a very valuable asset, so you could always opt to sell it. You both have a right to it, and selling it makes things easier because you can split up any money that you earn – if the house is fully paid off or if you sell it for more than was left on your mortgage.
Buying the other half
In some cases, one person wants to keep the home and the other wants to sell. If you are in this position, you could buy the other half of the house from your ex. You could give up other assets, like retirement funds, in order to satisfy property division requirements, or you could take out a loan and buy their share based on the market value of the house.
Keeping it together
In some rare situations, you may find that it is best to continue owning the house together, even after the marriage has concluded. Some couples do this because they see the home as a long-term investment and they want to sell in the future, for example, while others do it because they want to keep the house so that their children can live in it until they graduate from high school.
No matter what tactic you decide to use, just be sure you understand all of your legal rights and options.