When going through a divorce, it is pretty common for parties to dispose of their assets by listing a family residence for sale. It is especially the case if one party cannot afford the mortgage payments. If that is the case, a buy-out is usually unlikely and the parties must sell the residence.
Indeed, California Family Code Section 2108 provides in pertinent part as follows: "[a]t any time during the proceeding, the court has the authority, on application of a party and for good cause, to order the liquidation of community or quasi-community assets so as to avoid unreasonable market or investment risks, given the relative nature, scope, and extent of the community estate..."
Further, pursuant to In re Marriage of Lee (1976) 63 Cal.App.3d 705, the court held that "the trial court could, with appropriate safeguards, have required one potential community asset be sold to save another such asset." The court further held that: "[n]othing in the Family Law Act would have prevented the trial court from ordering the sale of the claimed community property asset. . . without making any factual determinations beyond the value of the asset to be sold, provided it required security sufficient to protect the objecting spouse."
Such is the case for Orange County's Jesse James and Sandra Bullock. Jesse James has listed his beachfront Orange County property on the market for a whopping $6.75 million. I doubt James is listing the property because he cannot afford the mortgage payments. His pal reportedly told People Magazine that he wanted more privacy, hence, he's listing the pad for sale.
At any rate, if you are contemplating a divorce in Orange County, please contact an Orange County divorce attorney.
