who is responsible for paying for the family home after i move out?
DESCRIPTION
A guide to property rights in divorce.TRANSCRIPT
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WHO IS RESPONSIBLE FOR PAYING FOR THE FAMILY
HOME AFTER I MOVE OUTA Guide to Property Rights in Divorce
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When you move out of your family home during the process of divorce, the spouse who remains in the home will usually become responsible for paying for the costs of the home
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There may be some exceptions if the spouse stays in the home
with the children based on a decision made by both parties
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If the spouse who remains in the home pays for the expenses and the other spouse has to pay rent during
the period of divorce, this needs to be taken into account when dividing
marital assets in a divorce
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To determine how remaining in the home affects the division of marital assets, it
becomes important to determine the fair market value of renting the home
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The expenses of the home also must be calculated to
determine the extent of the financial benefit from staying in the home during the divorce
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As part of the divorce, it will become necessary to
determine what should happen to the family home after the
marriage has been dissolved
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The home could be sold and the proceeds split between the spouses with each having a right to
50 percent of the shared marital home under California’s community property rules
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One spouse could keep the home after divorce, buying the other
spouse out and becoming solely responsible for costs and expenses
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If one spouse intends to keep the home and continue to live there after the divorce is
finalized, it is advisable for the mortgage to be put in that spouse’s name only
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If your name remains on the mortgage and the spouse living in the home
stops paying, the bank could seek to recover the money from you and your
credit could be damaged
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An experienced divorce attorney can advise you on how best to deal with your family home
during divorce
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We invite you to contact us at (925) 314-2320 to
schedule a consultation
Click to visit: www.FamilyLawGroup.comContent provided by: Best Legal Practices