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Divorce property division and the marital home

| Dec 26, 2018 | Property Division, Property Division |

Couples in Arizona who decide to divorce may face difficult decisions about the family home, especially when children are involved. One of the most obvious ways to handle real estate in a divorce is to put the home on the market. The mortgage can be paid off with the proceeds, and the remainder can be equally split between both partners. While selling the home is often the simplest answer, this can be a difficult choice.

Many people feel a deep sense of attachment to the marital home. They may be particularly concerned about leaving the home entirely if they have children who have grown up in the house and are upset about the divorce. If one spouse is going to remain in the home after the divorce, it can significantly affect the outcome of the overall property division process. The spouse remaining in the home will often need to buy out the former partner leaving. This can often be done by exchanging other assets, but it is more difficult when the home itself is the most valuable asset held by the couple.

In addition, it is important to refinance the mortgage into the name of the person remaining in the home. Otherwise, the other spouse will remain liable for any debts incurred or defaults. This can be challenging, especially if the remaining spouse’s income is insufficient to keep up with monthly payments. It is also key to make sure that the deed is transferred into the name of the remaining partner only at the same time that the divorce is finalized.

Dividing the family home can be one of the more emotionally complex aspects of property division during a divorce. A family law attorney may be able to help a divorcing spouse protect key assets and work to achieve a fair settlement on major issues.