When two people marry, they envision sharing a life together, which usually includes a home. Those visions of blissful harmony are a foundation upon which many future dreams are built. However, when one spouse files for divorce, those future dreams can shatter.
With California being a community property state, dividing up the spoils of a failed marriage can be tricky. It’s important to be strategic about the items and assets that you seek in a divorce to leave you poised to lead your best life going forward.
Many couples find themselves mired in bickering over the same community property. The family home is often a bone of contention in divorce. Especially when minor children are involved, who will get to remain in the home after the divorce often is the focus.
It can be hard to digest, but the best decision for all parties may actually be to sell the home outright and split whatever equity there is. Why is this a better choice than digging in your heels and battling it out for ownership of the home?
There actually can be many reasons why this fight might not have any winners. Property values in Northern California are higher than in many areas of the country. That means that property taxes are higher as well. You could conceivably wind up owning a property that you are ill-equipped to afford to maintain on a single income.
A better choice might be to seek a larger piece of the pension pie — even when those funds may not be immediately accessible without steep penalties. Presumably, you will need those funds in the future once you reach your golden years. Assuring your future will be comfortable now can make very good fiscal sense.
But you don’t have to make all the tough decisions on your own when you are feeling vulnerable and raw. We can review your circumstances and offer clarity and guidance that allows you to make strategic and not emotional decisions that will affect your future for years to come.
