Real Brokerage / Legal Shield / Sillemon Real Estate & Investments Group
Serving Los Angeles County
Residential | Commercial | Investments
Serving Los Angeles County
Residential | Commercial | Investments
Hello. My name is Lee Sillemon III, but others may know me as Lee D. Realtor, the founder of Divorce Resource Realtors. We are a neutral third party who assists family law attorneys when real property is to be sold.
We represent the house, while helping divorcing parties make informed decision.
We're here to educate, give hope and motivate a collaborative environment to a challenging situation.
In California, when a couple goes through a divorce, the division of property, including the family home, follows the principle of community property. Community property refers to the assets and debts acquired during the marriage, and it is generally divided equally between the spouses. Here are a few possible scenarios regarding the family home:
Sell the Home and Divide the Proceeds: The house can be sold, and the proceeds from the sale can be divided equally between the spouses. This is a common approach, especially when neither spouse wishes to keep the home.
Buyout: One spouse may choose to buy out the other spouse's share of the home. This involves compensating the other spouse for their portion of the property's value. The buyout can be achieved through refinancing the mortgage or by offsetting the value with other marital assets.
Co-ownership: In some cases, divorced couples may decide to continue co-owning the family home, especially when children are involved. This arrangement allows the children to maintain stability by remaining in the same residence. However, it requires careful consideration and often involves drafting a detailed agreement to address responsibilities, expenses, and potential future sales.
The process involves a series of meetings between the couples and their attorneys to reach agreements that are in the best interest of all interested parties, including the children. Instead of litigating the matter and putting life-changing decisions in the hands of a judge, the parties make the decisions that will determine their life after divorce.
It's important to note that divorce settlements can be negotiated between the spouses or decided by a family court judge if the couple cannot reach an agreement. The court takes various factors into account, such as the length of the marriage, each spouse's financial situation, and the best interests of any children involved.
Divorce laws can be complex and may vary depending on the specific circumstances of the case. It is advisable to consult with a qualified family law attorney in California to understand how divorce laws apply to your situation and to receive personalized legal advice.
Lee and his team are well-versed in local real estate laws, regulations, and procedures. Homeowners, Mediators, and Divorce attorneys may consult with Lee to gain insights into:
Property-related legal matters, such as title issues, liens, zoning regulations, and other relevant considerations.
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Home Buyers, ask about the No down payment, No closing cost and No PMI Home Loan. Home sellers, ask how you can sell your property commission free.