Arizona residents and others who are going through the divorce process may need to figure out how to divide the marital home. A home can be divided in a variety of different ways, and one option may be to sell it and split the proceeds. If this happens, it may be necessary to account for capital gains taxes and other associated fees. It is also a good idea to line up a new home or apartment before the sale is final.
Those who don’t have a problem cooperating after a marriage ends may retain joint ownership of the home. Retaining ownership can also be helpful for parents who have young children. If a former couple is going to retain ownership of a home, they need to make sure that there is an agreement in place to split household expenses and maintenance duties.
If one spouse wants to remain in the home, he or she can buy out the other spouse. This may allow a person to take his or her name off the deed and the mortgage. However, refinancing a loan is generally only possible if a lender determines the remaining spouse to be creditworthy. If not, both spouses may remain on the mortgage even if only one remains on the deed.
The property division process may be a contentious one, but it doesn’t have to be. Individuals may be able to come to an agreement as to who keeps a marital home or what a person may receive in exchange for giving up the home. An attorney may work with an individual to create a favorable divorce settlement. This might happen either after working with a mediator or after presenting evidence to a judge in court.