There are several solutions to the dilemma of what happens to the marital residence. First and foremost, the house can be sold, with the equity split in some fashion by the parties. Second, a party might purchase the interest of the other party. This may be performed by acquiring and averaging the fair market value from three reliable realtors.
The party who will continue to be the only owner should refinance the mortgage obligation in order to release the nonowner from any liability. Furthermore, while refinancing, the party being bought out should quitclaim deed whatever interest they hold in the property. After that, the quitclaim deed should be properly documented with the County Recorder.
Third, the parties might agree to continue being joint property owners until a certain period of time (for instance, when the youngest child completes high school). One party may obtain one-half of the equity present at the moment of dissolution. It is also conceivable that at the time of sale or refinance, one party will get one-half of the equity.
As you can see - the options are limitless only limited by the parties' imaginations and counsel. Whatever the final decision is, make sure the Settlement Agreement is quite comprehensive. There should be no doubt regarding who will pay the mortgage, taxes, insurance, utilities until the property is effectively divided.
Disagreements in family matters may be upsetting and scary. However, it is wise and beneficial to get the finest legal counsel before embarking on an order modification, divorce, or any other significant legal issue. Contact Fizer Law, the finest Divorce Attorney Long Beach, at 1~562-270-9944.