When Arizona couples get a divorce, one person might want to keep the family home. This could be because the parent wants the children to be able to go on living in the house instead of dealing with the upheaval of living in a new place. It could simply be because the person is attached to the house. However, it is important to make sure that the other spouse is agreeable to being bought out and that keeping the home is affordable.
First, it is necessary to get the value of the home and what percentage of that value each person owns. There could be additional costs, such as taxes related to title transfer Couples should decide who will pay these as well as how one will buy out the other. A common way to resolve this is for one spouse to take additional assets that have a value equal to that of the home.
Another option is either a home equity line of credit or a refinance. These can carry significant long-term financial obligations. Some people might be able to borrow from family and friends. If none of these are feasible options, the person may have to let the house go and sell it instead. The two can divide the proceeds as they agree.
Property division in Arizona begins with the assumption that marital property will be divided equally. However, as they might do when offsetting the value of the home, couples may agree to divide their assets differently. This could allow both people to keep assets they feel strongly about and might also make property division less complex. For example, having one person keep a 401(k) means it is not necessary to prepare a complicated document called a qualified domestic relations order.