When a married couples file for divorce, they usually have to split their assets. This includes their home (real property). Typically, during a divorce, one partner is awarded the home. Sometime the home is forced to be sold and the money obtained from the sale is divided amongst the divorcing couple. This division is not always equal, the judge has discretion as to how the funds will be divided.
If one of the parties is awarded the home, they do not have to worry about a large increase in property tax, due to the protection of Proposition 13. Typically, when a home is sold or changes owners, the value of the property is re-assessed and taxed at a higher rate. California though, makes an exemption for divorce. When a party is awarded the home through a divorce, the awarded person is protected by Proposition 13. It exempts the home from being re-assessed. This can be good news especially during a housing boom in California when property values jump significantly.
Divorce is a difficult thing. It splits families, assets, and is usually not a good experience for everyone involved. This is one reason why when it comes to divorce in California, being granted the title to property is not a major concern.
If you are going through a divorce, or feel like its time to file for divorce, hiring a knowledgeable and experienced divorce attorney can help you through this difficult process.
This is a Divorce legal blog. It is not intended to be used as legal advice. For further information please contact the law offices of attorney Ramona Kennedy.
Ramona Kennedy (Attorney) received her Jurisprudence Doctorate in America and is a licensed attorney in California (USA).
It is advisable to seek legal guidance from our office today as we strive to help guide you with your specific case.
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