San Jose Divorce Attorney Discusses Real Property Issues
If you are thinking about a divorce or are already going through divorce proceedings then the current housing market issue is of concern to you if you own real property. It is imperitive that you seek the aid of a San Jose Family Law Attorney. It can be very difficult when facing divorce proceedings to consider how to dispose of assets. Many people do not even seriously consider what to do with their community property family residence until much further along in their divorce proceedings. Unfortunately in the current housing market this is an issue that should be considered and when possible discussed with your spouse. If your home is in a price range that is subject to the lowering of the housing market then time is of the essence. The longer you wait to list your home for sale the more its value could fall. There is also the issue of how long it will take to sell. Once you have completed your divorce you will most likely prefer not to be tied to your ex-spouse by a house that has not sold. Therefore the sooner this issue is decided the sooner you can take action.
Selling your home is not the only option available. You may consider whether or not it makes sense to buy out your spouse’s interest in the residence or even defer a sale of the residence. A buy out of your spouse’s interest is a decision that requires a careful look at your overall finances with your spouse. There may be other assets that instead of splitting equally could be used to off-set your spouse’s interest in the residence you wish to buy-out. Additionally if it is necessary to refinance the property to accomplish the buy out then you must consider whether you can afford that monthly payment without your spouse’s financial assistance. A deferred sale of the residence is another option but requires a consideration of a number of factors including tax implications.
At Sagaria Law our team of attorneys is experienced in all areas of community property and real property implications. We have offices located in Santa Clara County, Alameda County and Monterey County where we would be happy to meet with you for a free consultation.