Deferred Sales Order for Homes During Separation or Divorce
San Diego Attorneys Assist with Deferred Home Sales During Your Divorce
In a divorce, one of the issues that arises is when it comes to dividing up the assets. This can become very complicated at times, especially when it is unclear who owns what property and what was acquired during the course of the marriage. The marital home can be the biggest asset that needs to be divided.
When looking to divide assets, especially the marital home, having an attorney present is imperative. At Huguenor Mattis, A.P.C., we have over 30 years of experience in the field of family law and can help you understand how to go about filing for a deferred sales order for your home.
What is a Deferred Sales Order?
When it comes to dividing the home asset, if there are children involved, one parent can file for a deferred sales order. According to the California Family Code Section 3800-3810, a deferred sale of a home order means a temporary delay in the sale of the home and awards it temporarily to the custodial parent of the minor child for use and possession in order to reduce the adverse effects of the divorce on the minor child.
Because a divorce can be painful enough for the child, the courts try and help minimize any additional stresses or issues that the child may experience by allowing the custodial parent to maintain the residence of the home. The deferred sales order must also indicate how long the order is to be implemented. By using this order during the course of a separation or divorce, courts will examine two main factors before determining if the request is acceptable or not.
Is the Deferred Sale Financially Feasible for the Custodial Parent?
The courts will initially look at the financial factors surrounding the deferred sales of the home. They will want to know if the spouse requesting possession of the property is able to financially afford to maintain the property and make the necessary payments for the mortgage, taxes, or insurance.
Before making this determination, the courts will request information surrounding the parent’s income, spousal and child support, or any additional funds that will aid in their ability to successfully complete these payments.
The courts want to avoid the possibility of the spouse either defaulting or making late payments that could result in foreclosures, lose adequate insurance, or any other issues that will cause the condition of the home to deteriorate, thereby affecting both parties’ equity.
Is The Deferred Sale For the Best Interest of the Child?
If the court finds that the spouse can economically afford to maintain the home and all the expenses, the next factor they will consider is whether the deferred sale of the home will help reduce the effects of the divorce on the child. In order to determine this, the courts will look at ten things involving the child:
- How long has the child been living in the home?
- How old is the child and what grade are they in?
- Is the house within a convenient location to the child’s school?
- Were there any modifications done to the home to accommodate any physical disability either the child or custodial parent have?
- What emotional effects would the move have on the child from one home to another?
- Is the current home’s location within a distance allowable for the parent to maintain their job?
- Is each spouse financially able to find suitable housing?
- What are the consequences such a deferment would have on the parents’ taxes?
- What are the financial issues a delayed sale would cause for the parent no longer residing in the home?
- Any additional factors that the court deems necessary to examine.