Divorce can mean a lot of things to a separating couple. A divorce is a second chance at life and love. Divorce is the end of a sometimes long and often very unhappy relationship. It can also be an emotional and difficult process to undergo. One of the most difficult items to address during divorce has to do with property division. Many California residents know that when it comes to sorting through assets, and determining who gets what, tensions increase.
A natural consequence of property division is that one’s assets are cut in half. One’s once collection of property, including cars, homes, retirement plans and income, is halved in divorce. This can often result in tough economic times for a separation couple. One California program works to help such divorcing citizens in need.
A program called Keep Your Home California offers financial assistance to individuals struggling to keep up with mortgage payments due to job loss, medical bills and even divorce. The program is federally funded with some $2 billion.
The program has assisted about 22,000 homeowners since 2011. A variety of financial options are available to homeowners depending on the need. Financing ranges from assisting when one owes more than the home is worth to helping homeowners catch up on past due payments. The program is arguably beneficial to everyone in the state, by reducing foreclosure numbers and as a result, keeping property values competitive in any given neighborhood.
The state of California is a community property state, dividing property evenly among the separating couple in the event of divorce. While the concepts strives to keep the concept of property division fair, one or both individuals often find themselves in financially difficult situations when their property is reduced by half. For those in need, thankfully, the Keep Your Home California program can help.
Source: The Modesto Bee, “Program helps keep struggling homeowners afloat,” March 5, 2013.