One of the most frustrating things you may experience as you navigate the process of ending your marriage is having to move. In the midst of the transitions you are experiencing, the thought of having to find a new place to live for you and your children could be daunting. For this reason and many others, you may want to keep your Arizona family home. However, even though it may be something you want, that does not necessarily mean that it is something that is worthwhile or beneficial.
If you are preparing to fight for the right to stay in your family home, there are a few things you need to consider. It is best to know the potential benefits and drawbacks of all the options available to you before you make a decision that could impact your future. An assessment of your situation may prove useful as you walk through the property division process.
Separate property or marital property
What happens to an asset during divorce likely depends on whether it is a marital asset or a separate asset. In many cases, the family home is a marital asset, which means that both spouses have a rightful claim to a portion of the equity of the home. If you want to remain in the home after your divorce, it is important to consider the following:
- You may have to buy out the other spouse’s equity in the home or relinquish other assets in exchange for the right to keep the home.
- You will have to maintain the home, pay taxes on the property and carry insurance on one income.
- The other spouse may not agree to a buyout or may not want you to keep the home.
- Some families keep the home with the parents rotating in and out of the home when it is their assigned parenting time with the kids.
- Over time, the value of the home may not remain the same or increase as you hope, and reselling may not recoup your investment as planned.
If you and the other spouse decide to sell the home, the two parties may decide to split the profit from the sale between the two of you. As you think about what will happen to your marital property, it might be useful to speak with a knowledgeable professional who can help you make decisions that will set you up for stability and security long after the divorce is final.