When couples are going through a divorce in the state of California, one of the main questions on their minds is typically, who gets the house?
Demographers state that “household dissolution” or divorce is a constant boost in the real estate market.
In 2005, nearly 4 out of every 1,000 people in America got a divorce and when divorcing couples own real estate together, it can often be the cause of many complications.
Options for Divorcing Couples
According to research, the most common option for couples fighting for their house is for the house to be sold and the gains, if any, be split between them both.
Some other options are for one spouse to stay in the house and compensate the other for the equity he or she would have received if it had been sold.
One spouse can also stay and both can agree on terms for the house to be sold at a later date.
“Generally speaking, the house has to be sold at one point because neither party can afford to buy out the other party,” explains owner of Almaden Oaks Realtors in San Jose, Bob Hall.
High Housing Prices Influence Divorce Outcome
In California, it’s no secret that most houses seem to be well into the millions, particularly near the bigger cities and by the ocean.
San Jose attorney Phil Hammer, often gives a sort of lecture to his clients when they first come to him wanting to file.
“It’s one of the most severe economic traumas people can experience. This statement applies to everybody but the super-super wealthy and the super poor,” Hammer bluntly states.
He claims that although his speech may cause some tears, there’s no way to sugar coat the housing implications of divorce.
(Source: San Jose Mercury News)
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