Community Property is a 50-50 division of marital assets and debts. Many times, a home or community residence is involved in the divorce. The court has to look at the fair market value of the community residence when looking at division of property as the parties are both entitled to half of it’s market value if any. An appraisal is usually done to determine the market value of the community residence.
However, in these tough economic times, many marital homes are upside down and have no equity to divide between the parties. Many parties simply walk away from the home or attempt to short sale it with the negotiated approval of the lender.
In many a situation, one party may elect to retain ownership of the community home and then proceeds to buy out the share of the other party with cash or through a refinance of the home. Other times, it is listed for sale and the proceeds are divided equally. In another instance, an equalizing payment may be involved where one party keeps the home and proceeds to equalize the other party’s community interest by either paying out the other party or awarding another piece of valuable marital asset to the other party to offset the equity kept by party keeping the home.
Hiring the right and experienced San Bernardino Family Law firm of Wallin & Klarich the first time can prevent you from unnecessary stress, anxiety and apprehension when involved in a legal matter. Contact the San Bernardino Family Law Attorneys at Wallin & Klarich now and visit the website at www.wkfamilylaw.com for your divorce needs and family law matters.