QUESTION: My husband and I are divorcing after 5 years of marriage. We have no kids together, I have a daughter and he has a son. I have full custody of my daughter; he doesn't have custody of his son - he sees him on the weekends. We bought a house last year. I currently run a licensed day care out of our home. Will my having custody of my daughter and running a day care out of our home affect the chances of me getting the house in the divorce as long as I can afford it?
MY RESPONSE:
Possibly, but not necessarily.
For you to receive the house in the divorce, you would have to pay your husband 1/2 of the equity in the house, or he would need to receive additional community assets to equalize that amount.
If there aren't sufficient assets available to equalize the offset, you would need to borrow the monies to equalize that offset, and if you can't qualify for a loan, you likely wouldn't be able to afford to buy your husband out.
If your husband doesn't agree to sell his 1/2 of the equity in the home to you, you may need to take that issue to trial, and the Court may or may not allow you to buy out your husband's interest in the house.
The fact that you have custody of your daughter and run a day care business out of the house could assist you in getting an order in your favor, but you would still need to be able to afford to buy out your husband's interest in the house if you receive such an order.
This educational blog is brought to you by DONALD F. CONVISER, an effective and aggressive Los Angeles Family Law Attorney and Divorce Lawyer serving clients in the courts of Los Angeles and Ventura County for over 35 years,owner of Warner Center Law Offices, with offices in Woodland Hills and Century City. Call 888.632.4447 or 818.880.8990 for a free confidential consultation with a Certified Family Law Specialist to discuss your divorce or family law issues. | www.conviser.net | www.conviserfamilylaw.com |
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