Section 987.721 Of Article 3.1. Veterans’ Farm And Home Purchase Act Of 1974 From California Military And Veterans Code >> Division 4. >> Chapter 6. >> Article 3.1.
987.721
. (a) Notwithstanding Section 987.72, upon the dissolution
of marriage or legal separation of a veteran contract purchaser and
the veteran's spouse, an assignment may be made in favor of the
nonveteran former spouse at the same rate of interest and upon the
same terms and conditions as are provided to veteran purchasers
provided the veteran's entire beneficial interest is transferred to
the spouse and provided there are one or more dependent children of
the veteran occupying the property and the spouse continues to reside
in the home and make the payments in the same amount required by the
purchase contract. For purposes of this subdivision, any child of
the veteran who is legally adopted or who acquires a separate
domicile or marries shall not be considered a dependent child.
(b) Should the veteran retain entire beneficial interest in the
property after dissolution or legal separation, the veteran may
continue as purchaser provided either the veteran or the former
spouse continues to occupy the property.