One of the toughest conversations Arizona couples have to have when they go through a divorce has to do with what will happen to the family home. Besides the fact that it is likely one of their largest assets, there are emotions and memories connected to the home. There are three options that most couples have available to them when they are in this situation.
One option is to sell the home and then divide the proceeds. In many ways, this is the cleanest and easiest route to take. Some of the considerations couples will have to make include understanding they will be subject to capital gains taxes if they make money on the sale and being sure their finances and credit are stable enough to find new living spaces.
A second option couples often look at is one spouse buying the other one out. If one wants to stay in the home, it may make sense for him or her to buy out the other spouse, especially if children are involved and the parents want to maintain stability for them. It is important for couples to understand how this will affect each one’s credit.
A third option is maintaining joint ownership of the home. This is another option that couples often look at if children are involved. They will need to determine how expenses will be shared, including maintaining mortgage payments and paying for taxes and any major repairs.
Before a couple decides what they will do with the family home, they want to do their research and be sure that they understand how all of the options above will affect their finances. Some have returned to a lawyer. A lawyer may be able to provide information about property division, property obtained during the marriage, and other matters that deal with how a couple’s finances will be affected by the divorce.