Scripps Ranch Real Estate and Community Blog

SHOULD YOU KEEP THE FAMILY HOME AFTER DIVORCE?

Splitting up after years of marriage?  The family home is often seen a place of refuge and emotional stability and one party would often like to keep the house. But should you keep the house? More often than not the answer is no, for a variety of reasons.

Property division in divorce is one of the most important decisions.  Unlike issues such as child custody or support, property division is almost always final and cannot later be undone.  Decisions need to be made before the divorce is final. In making these decisions the divorcing spouses must consider the following items:

1. What is the true value of the home now and in the foreseeable future?  There is a lot more involved than just the appraisal minus the mortgage. What is the true condition of the home? Any other liens?
2. The costs of continuing home ownership may be greater than it seems at first. Maintenance costs and taxes can skyrocket.  The home may decrease or increase in value. Future costs of selling the home may not be allowed by the court.
3. Keeping the home can be risky if there is co-ownership or even just both names on the mortgage.  Even if the title to the property is transferred, both parties remain liable for the mortgage and other liens placed against the property. This can adversely affect either person's credit.
4. It may be impossible for either party to get a new mortgage either to refinance the existing property or to purchase a new home.

In deciding whether to keep the family home the divorcing parties need to protect themselves in this adversarial situation.  To protect your self you need a good lawyer, a good accountant or financial planner, and a real estate agent specially trained to handle the sale of real estate during or after a divorce. 

Claude and Rochelle Braunstein are some of the very few Real Estate Agents in San Diego who have received specialized training in this area and have earned the RCS-D (Real Estate Collaborative Spcialist-Divorce) designation from Vanderbilt University Law School and the Collaborative Continuing Education council.  This enables us to help guide you through the decision making process.  We can help you protect yourself by making sure you know what you own, know what you owe, and know what you need to do before it is too late. 

For more information about how Claude Braunstein & Associates can help help guide you through the decision making process,  help you sell your home for the highest possible price, or to search for your new home any where in San Diego or Scripps Ranch, contact Claude Braunstein  or phone our team at 858 271-7770.  A Coldwell Banker affiliate with over 30 years of experience, Claude and his team will help you find the right home at the right price and help you to take advantage of the current home purchase tax credits.  Additional information is available on our website www.ClaudeBraunstein.com , where you can also search the MLS for a suitable home.