Legal Question in Family Law in California
bankruptcy and divorce property
my wife and i going through divorce proceedings and filed bankruptcy 3yrs. ago before seperation. i live in our house now which is in both of our names. what options do i have as far as keeping the house and if house gets sold will she be intitled to half the value.
2 Answers from Attorneys
Re: bankruptcy and divorce property
There are many more questions that need to be answered before we can say that she will recieve half of the equity. Call me and I can give you a better answer. Tell my employee that I said that I would give you a free telephone consultation. Good Luck, Pat McCrary
Re: bankruptcy and divorce property
You can offer to buy her interest in the house. The house will be valued as of the time of trial, or as close thereto as is appropriate.
In the meantime, you are probably making the mortgage payments. If the house is sold, you will be entitled to reimbursement of the payments made towards the principal of the mortgage, but not the interest, from the proceeds of the sale.
However, she will get an offset for one-half of the fair market rental value since you are living in the house.
There are other factors, but those are the basics.
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