Home is where the heart is, as the saying goes. Your home is also where a lot of your money has likely gone throughout your marriage. You and your ex have probably devoted a significant portion of your income to the mortgage for your property, as well as to maintenance and improvement investments for your home.
When you divorce, you obviously want your fair share of the money you’ve invested in your home. Is fighting to keep the house always the best strategy during an Arizona divorce?
Community property laws mean that the house isn’t a winner-take-all decision
Especially if you’ve heard some story about a person losing their home and most of their other property in a divorce, you might eagerly want to assert your interest in your home. The truth is that you don’t have to worry about being fully deprived of your home’s value.
Arizona is a community property state when it comes to your shared assets from during the marriage. Although only one of you can physically keep the house, both of you will receive something for your share of value in the property. It is common for the person who keeps the home to have to refinance and give some of the equity to their ex. The courts could also give other valuable property, like your cabin or an investment account to the spouse who doesn’t keep the house.
Can you actually afford the house?
Perhaps it’s hard to find property in your kids’ school district, or maybe you just have an emotional attachment to the property. If you want to keep the home, make sure that you can afford it.
From the cost of taxes to your ability to afford the mortgage on your own, you’ll need to carefully consider if your finances will allow you to keep the home. In some cases, selling it or letting your ex keep the house will make more financial sense.