The community residence/home is typically the biggest community property asset to be divided between divorcing couples. Should it be sold? Can one party afford to keep it and buy the other party out of his/her interest? These are just several questions to be answered when going through a divorce action in San Bernardino County. In the past when our economy flourished there usually was equity to be divided between divorcing couples. However, in most recent years with the collapse of the real estate market, many couples are facing foreclosures, short sales and ultimately at times are just walking away from their homes. Sad but true.

If there is some equity in a community property residence it is always a good idea to have it professionally appraised. In San Bernardino County, courts typically order a professional appraiser to value a home when there is some equity to be divided between the parties. This is the most accurate method of calculating what a home’s worth is rather than rely on a market analysis by a real estate agent or through some website like Zillow.com.

Once this is done, the next question is whether one of the parties can afford to keep the home, refinance it in their name and buy the interest out of the other party, otherwise the home will have to be put up for sale if neither party can keep the home on their own and split the equity should any exist. Many professional appraisers now include prequalification approval statements as to the parties to show the court that one of the parties can afford to keep it and is pre-qualified for a refinance loan.

If you are going through a divorce or are involved in a family law matter, contact the Law Offices of Wallin & Klarich at 1-888-749-7428 to obtain competent and professional legal representation. Visit our website at www.wkfamilylaw.com.