If you are fortunate enough to own a second home, whether it is a rental property or a vacation home, you may be concerned about how that property will be handled in the event that you and your spouse divorce. Depending on what type of property you own, you may elect to split the property or sell it and divide the proceeds. You may also trade your interest in the second home for something else you want to preserve out of the marital assets.
If you are facing a divorce, talk to the attorneys at the Men’s Legal center about your property, child custody and child support issues.
Different Property Types are Treated Differently
Property that is not your primary residence may be treated differently under a divorce depending on what type of property it is. For example, if you and your spouse bought a second home for vacation purposes, that property will be treated differently than if you are paying for a time-share vacation home.
The treatment of the property will also be different if one of you had the property prior to your marriage. In California, property that was given to one spouse prior to the marriage may not be subject to community property division. On the other hand, if you and your spouse treated the property as part of the marital estate, possibly by mortgaging it together, that exemption may not apply.
The way you acquire the property can make a difference in how it is treated, as well. If you purchase a rental home with money from an inheritance, and your spouse’s name is never on the property, the property itself may not be subject to division but the rental income might. These issues can quickly become very complicated, so it is important to have the advice and help of an attorney as you try to determine the best way to divide the marital assets.
Should I Keep My Second Home?
There are several ways to deal with a second home. You could sell it in order to give your former spouse cash in lieu of property so that you can keep the marital residence. You could decide to live in the second home if your spouse keeps the marital residence. You could also agree to share the home with your spouse, although this is not usually a feasible option.
The attorneys at the Men’s Legal Center in San Diego can help you decide how to treat second properties so that you protect your rights and make the best financial decisions possible.
