Legal Question in Family Law in California

Re: When to value the house?

The court must use the current value of the house. However, there are a number of other factors that you need to consider in the sale of the house. The sale of a house to a spouse does not increase the basis of the spouse buying out the other spouse. Thus the buyer pays the income taxes on the sale of the house, when the buyer sells the house. You should determine the rental value of the home and compare it to the mortgage on the home. Also gather all of the information you have showing repairs to the home and its fixtures. There is also the issue of the costs of selling the property to a third party. Realtor fees, and closing costs can add up to tens of thousands of dollars. Almost every home sold has repairs that must be made prior to obtaining a loan. All of these costs need to be estimated and considered in making a decision on how to proceed with the house sale. Spousal support should also be considered in the negotiations. Retaining an attorney to assist you in this matter, which involves thousands of dollars, would be a prudent investment.

Re: When to value the house?

The house is generally valued as of the date of agreement or trial. Not the date of separation. You may get some credit for improvements, maintenance and mortgage payments but only to the extent that that payments exceeded the rental value of the house. Those are the general rules with many exceptions. Good Luck, Pat McCrary

Re: When to value the house?

You can always agree on what you want to appraise the house at in what is called a stipulation. Call me to discuss further - 818.590.8294.

Re: When to value the house?

Current prices. San Jose is a nice city, I'd be happy to represent you. I practice in Santa Clara County, call me directly at 16192223504.