Deciding what to do with a marital home can be a sticking point in a divorce. In some California divorce cases, one person chooses to keep the home or is given the home as part of a settlement. There are many issues that should be considered before a person asks for the marital home. First, that person should decide if keeping the house is feasible from a financial perspective.
Next, it is important to consider whether both names will stay on the deed to the home. It isn't uncommon for individuals to remove a spouse from the mortgage but not the deed as a means of saving time. However, if the other spouse is still considered an owner of the property, that person could block a potential sale in the future. It is important to note that a sale can be tricky even if done under a court order if a couple is not able to work together.
To ease the burden of selling a home after a divorce, it may be a good idea to set a deadline in the divorce decree itself. This could allow some time to get over the split and provide time to get the home ready for sale. Postponing a sale could also benefit the children by giving them stability during a potentially chaotic situation.
A marital home is among the items that could be influenced by a property division agreement. Individuals may benefit by working with an attorney and a financial adviser to determine what to do with a home. One benefit may be learning more about the difference between being on a mortgage and being on a deed. This may ensure that a person avoids running afoul of a mortgage contract and the negative consequences of doing so.