Legal Question in Family Law in California

divorce - property settlement

my son is divorcing after 5 years of marriage. The couple currently own a home in Calif.(their 2nd). Currently, the amount owed on the home is about $350,000. They paid $430,000 and then the real estate meltdown. The current selling price in their neighborhood is about $330,000 ($20k less than they owe). How is something like this usually handled ?


Asked on 10/01/08, 3:56 pm

1 Answer from Attorneys
James Chau Law Offices James Chau

Re: divorce - property settlement

In a divorce, the debt still needs to be repaid, so the couple needs to decide how to allocate the debts. The easiest way is to sell the house and divvy up the proceeds or debts in your case.

Good luck.

As always please consult a qualified attorney in your area prior to taking action

Law Offices James Chau

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San Jose, CA. 95110

http://www.jameschaulaw.com/

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Answered on 10/01/08, 4:20 pm


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