Dividing Real Estate in a California Divorce
Some people don’t have many assets and so it won’t be too difficult to divide the assets they do have. Some may only have one house and again, it won’t be too troublesome to give one party the house and the other will be given other property to even things out. However, some couples have many real estate holdings and this can be more challenging to divide fairly.
If you fall into the latter situation, you may be worried about dividing real estate in a California divorce in the most equitable way possible.
How Is Real Estate Divided?
For the sake of simplicity, we won’t go into any property that is considered separate property. We will assume that all the real estate was acquired during the marriage and is therefore considered community property or belonging equally to both parties.
Before you can divide up any property, including real estate, a fair value will need to be assessed for each. For instance, for each piece of property or real estate that is considered community property you will need to agree to a value. Many people will hire a real estate appraiser who can adequately calculate the worth of your house and other real estate.
Once value has been assigned to each piece of property, you can then divide the real estate fairly. Equitable division does not mean equal. For instance, if you and the other party own three homes, you can’t split the third home in half. However, you could each take one home and sell the third home and evenly split the proceeds.
Not everyone’s situation is easy to resolve, and some people have a great deal of property and assets to divide. This can make the process more challenging, but not impossible. A lawyer can help.
Get Help with Your Divorce Case by Calling a Lawyer Today
Dividing real estate in a California divorce can be a difficult prospect, particularly when you and the other party share a great deal of real estate holdings. It is possible to come up with an equitable solution, but it’s a good idea to have a lawyer help with this process. Your lawyer can ensure that you don’t receive less than what is fair.