What Factors Determine Who Gets the Family House in a Divorce? The Reape-Rickett Law Firm

For those considering or in the midst of a divorce, determining how assets and debts are distributed, and to whom, is one of the most pressing concerns. If there is a family home, determining who gets to keep the house in the divorce is often the first question people ask. Beyond the financial implications, many have concerns over keeping or selling the home, especially if there are minor children living in the home.
California is a community property state, meaning that generally speaking, property acquired by a married person during the marriage while living in the state is community property (unless you have a prenuptial or postnuptial agreement). However, it is important to note that there are situations where a party can have a separate property interest in assets.
To determine who may keep the family home, we must first analyze the facts and review the parties’ financial situation. Additionally, there are several questions that must be addressed to assess if the home is community property, if there is a separate property interest, what the financial options are, and more.
• These questions include, but are not limited to:
• When were the parties married?
• When did the parties separate?
• When was the home purchased?
• How was it purchased?
• Were separate property funds used to purchase the home?
• Does the home have a mortgage?
• What other assets and debts does the community have?
• Can the party who wants to keep the home afford to do so?
• Can the party who wants to keep the home buy the other party out?
• Does one party need spousal support?
The answers to the questions above provide insight into the parties’ legal interest in the family residence as well as their financial capabilities. In the event the family home was purchased prior to marriage, or if one spouse used some of their separate property for the down payment, the situation becomes more complex as they may be entitled to reimbursement. To understand your options, contact The Reape-Rickett Law Firm today at (888) 846-6166 or visit www.DivorceDigest.com