Q: Is property 50/50 in California? If one is keep living in the house, how he pay to other spouse?
My husband demand to keep the current house value ($1701.400) great neighborhoods and offered me Virginia house ( $835.500) and adding savings to close to
Half value.. but so far he offered I will get $647.000 and he will get $830.000. The monthly loan is $6000.
I will not be able to pay the loan. I only have part time job.
If he sell the house in the future, that money goes to him 100%?
I feel not fair because he gets property that rising value so fast in CA and I get Virginia property which rising slow..
Should we sell the house and get completely equal or he keeps the house and I get 50% of money now.
A:
In California, property acquired during the marriage is generally considered community property and is divided equally (50/50) in a divorce. However, there are some exceptions and nuances to this rule.
Regarding your specific situation:
1. If you cannot afford the mortgage on the California house and your husband wants to keep it, he should buy out your 50% share of the equity in the house. This means he would need to pay you half of the current market value minus any outstanding mortgage balance.
2. The Virginia house, if acquired during the marriage, should also be considered community property and subject to equal division. The difference in appreciation rates between the two properties should be taken into account when determining a fair division of assets.
3. If your husband sells the California house in the future after buying out your share, the proceeds from the sale would generally be his, as he would have already compensated you for your share of the property.
4. Selling the California house now and splitting the proceeds equally may be the fairest option, as it would ensure that both parties receive their 50% share of the current market value.
It's essential to consult with a qualified family law attorney in California who can review your specific situation, advise you on your rights, and help you navigate the legal process to ensure a fair division of assets. Additionally, if you are unable to afford an attorney, you may be able to find low-cost or free legal assistance through local legal aid organizations.
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