Most couples who go through a divorce need to address the matter of property division. One of the main concerns is what will happen to the family home. In some cases, one of the parties will be able to buy out the other party and keep the residence. However, that might not be a viable alternative, so the couple might decide to sell the home and equally divide the proceeds in a 50/50 ratio. Your divorce attorney in Ventura can help you with this process.
Unequal Division of the Proceeds From Your Home
For various reasons, the couple might divide the assets in a different ratio. Their divorce lawyer in Ventura can offer suggestions on how to best negotiate this division. However, one option is to estimate the value and then determine the difference in what each party will receive. For example, if the proceeds from the home total $100,000 and the couple decides on a 70/30 split, one party will receive $70,000 while the other party receives $30,000. The difference is $40,000. These numbers might affect the bottom line when the attorneys try to equalize the division of assets between both parties. A divorce attorney in Ventura can help them work out these differences in an amiable and fair manner.
If the proceeds are $50,000, and the split is 60/40, one party will receive $30,000 while the other party receives $20,000 for a difference of $10,000. Some jurisdictions require that the division of the marital estate be absolutely equal. In other cases, this equal division is a top priority for the couple. In either case, a divorce lawyer in Ventura can help establish an estimate before the sale. Once the sale is finalized, the couple or their lawyers will then need to work out any differences between the actual sale price and their estimate and make adjustments or corrections as needed.
Seek Help from a Divorce Lawyer
The division of assets is not always straightforward, especially when it comes to the marital home. If you have questions about property division related to your marital home, talk to our divorce lawyer in Ventura. For further information, you can reach Gary Mitchell at 888-452-1846.