Your residence is one of the most important assets that you own. In addition to this being an important type of personal property, there is also a significant emotional bond associated with the family home. If you go through a divorce, one of your main concerns may relate to what will happen to the home and whether you should try to keep it. Before you make this effort, you will benefit from understanding all of the options available to you.
The decisions you make during your divorce will impact you for years to come. It is in your interests and the interests of your children to think carefully about the choices you make as they could have a potentially negative effect on your future. When it comes to what will happen to your home, it may help to remember that your temporary feelings may not be the best indicators of what could be ideal long-term.
Options of dealing with real estate during divorce
There are a few options available to you that will allow you to decide what should happen to your family home in your divorce. While keeping the home may seem like the ideal choice in the moment, it is helpful to know the benefits and potential drawbacks of all options available to you before you move forward. Some of the ways you can address the family home during divorce include the following:
- You and the other spouse have the option to sell the home, then split the proceeds of the sale equally or according to the details of your negotiated agreement.
- One spouse can remain in the home by buying out the other spouse’s share.
- The two spouses can choose to remain in the home together for a period of time until they are ready to sell or make a decision regarding who should keep it.
- The two spouses could choose to keep the home and use it as a rental property, sharing the proceeds from rent.
What you do with your Arizona family home during your divorce is an important decision. As you consider the potential benefits and drawbacks of your choices, you may find it helpful to have the guidance and support of an experienced professional who can assist you as you move forward. An assessment of your finances, goals for the future and other matters can provide you with the insight necessary to make the best possible choices for your situation.