On behalf of Morna Challoner of Challoner Law posted in High Asset Divorce on Thursday, July 6, 2017.
If you and your spouse have made the decision to divorce, no doubt that you have many questions about the process. For many people in Santa Rosa, their biggest concerns lie with how the child custody process and the asset division process will be handled. Every situation is different based on the best interests of the child and the financial aspects of the divorcing couple, among other factors. When a family has multiple assets, including a vacation home, you might be wondering how to procure that asset for yourself in a divorce.
If a vacation home is marital property (and it often is) it will be considered an asset that qualifies for division between the two spouses. If the vacation home is a priority for a person in a divorce, and it falls under the category of marital property, one may have to sequester or give up another asset in lieu of the vacation home.
However, one should be aware of the tax obligations that may accompany a vacation home. Since virtually all real estate is taxed under California state law, one may need to consider the financial obligations of the property both now and in the future. At Challoner Law, we understand that you may have assets that are very important to you and we do our best to procure those assets for our clients. The tax obligations could help offset the immediate cost of taking sole ownership of the family’s vacation home.
There are many ways that an asset division can be handled during a divorce. It is important to get a full and complete understanding of all assets and liabilities that can affect the asset division process. This will be the basis from which a person determines what is important for themselves and their family during a divorce. From there, a person can determine their priories during the asset division process of a California divorce.