Here are some important questions to ask when it comes to dividing real estate in an Orange County Divorce:
- Any separate property used to buy the home?
- Any separate property used to pay the mortgage?
- Any equity in the home used to pay separate property debts?
- Can you afford to keep the home?
Now let’s assume the real estate is all community property. Generally, there are two options to deal with a house in an Orange County divorce – sell the property or buyout your spouse. Selling the property and dividing the proceeds seems fairly straightforward, but there are key steps that you will want to keep in mind.
- Who will pick the realtor?
- Who will pay to get the house ready for sale?
- Who will pay escrow fees?
- How will the furniture be divided?
- How will moving fees be dealt with?
- If there are liens, how will they be paid off?
If you are contemplating a buyout, it is absolutely critical to make sure that the party being bought out is taken off the loan. Many times, one party cannot buyout the other side because they cannot qualify to keep the increased mortgage. Make sure that you consider all options and consider if there could be an equalization payment made from another community source.