Under Water Community Property During Divorce in California
Hello,
This is the situation.
I & my soon-ex (soon to be ex) were married for just a little shy of six years before we got separated. During our entire marriage I was the sole earner and my soon-ex was pretty much a student all these years. my soon-ex graduated found a job and in no time filed for dissolution of marriage.
We acquired a community property (our primary residence) in CA during our marriage with the community fund (the income I earned). When we bought the house, my soon-ex did not have a good credit history and due to which soon-ex signed a quit claim and only I went on the title, however, we were told since CA is community property state still both of us are the owner of this property. We have a decent retirement nest egg. I am self-employed through the company I incorporated. There are no other employees in the company.
Now, the house is upside down and we are going through divorce process. Since my soon-ex doesn't make a whole lot I have to provide the spousal support in addition to the the house mortgage burden. Insult to the injury, the company I own lost the only contract it had leaving me with no income currently. I have a very little money outside the retirement account. my buffer for the mortgage payment got wiped out in no time since I had to pay the money to my soon-ex's lawyer, my lawyer's retainer, and the retroactive spousal support.
If I go for short sale I will be the only one who would get the credit hit, which won't be good for me or the business. So my question is can I file a motion with the court to use the community property (retirement fund) to sell the community property (house) without taking a credit hit? Can the court force me to take the credit hit or force me to use only my portion of community property (retirement fund) for this sell? Wouldn't my spouse go after the equity if there was any in the house?
Since, my company lost the contract can I also file a motion to lower/stop the spousal support? The kind of work I do has a cyclic business sort of flood and famine situation. I do not know where, when and how much money will I make on my next gig.
Thanks in advance for your valuable response.
Re: Under Water Community Property During Divorce in California
I'm only going to address the alimony issue.
What exactly are you ordered to pay and for how long? Does your order actually say that it's modifiable?
Re: Under Water Community Property During Divorce in California
It is temporary spousal support and it was mutually agreed upon before the court hearing, not really ordered by the court and this agreement was not made very long before I lost the contract, and yes it is modifiable.
Re: Under Water Community Property During Divorce in California
Then absolutely, if it's a change of circumstance and involuntary (and that would be considered involuntary), get yourself back to court and request that spousal support is either terminated or lowered.
Re: Under Water Community Property During Divorce in California
Thanks. I am assuming your are either an attorney or some kind of law expert, in either case you probably have more knowledge of law in this area then I do. What would your recommendation be, how should I address the other issue?
Thanks