When California residents first initiate a divorce with their spouse, one of the biggest questions they have is what to do with their home. There are many options, including selling it or awarding it to one party. While you might have some initial instincts of what you want to do with the home, it’s a good idea to consider the various options that you have before you make a decision.
Always look at the long-term view
When it comes to property division, it’s common for both spouses to want to keep the home. It’s important not to make a decision based on your emotional attachment to the home. Rather, you need to take into consideration the long-term view. For example, if you’re awarded the home in your divorce settlement, you need to be able to afford living there. If paying for the mortgage has taken both parties’ income, it’s very unlikely that one spouse will be able to afford living there by themselves.
Make sure you get a home appraisal
It’s not uncommon for people to just assume that their house is worth approximately the value that they paid for it. However, there are many different factors that can influence the value of a house. Therefore, it’s important that you have another home appraisal done at the time of your divorce to determine the actual cash value of your property at that point in time. This way, you’ll know the actual value of your home when deciding what to do with it.
When you first decide that you’re going to undergo a divorce, you’re likely worried about what’s going to happen to your marital home. While it might be easier to make decisions based on short-term feelings, that’s not the best way to approach property division. It’s important to always look at the long-term impact of your decision and make sure that you get an accurate home appraisal so that everybody is working off of realistic values.