You’re done! Your marriage is over, and you are getting a divorce. If divorce is inevitable, one of the issues you will need to work out is the division of your marital property according to Arizona laws. If you have a home, it will likely be a contentious issue during the property division process.
Should you fight to keep the family home? It likely means so much to you for a variety of reasons, some of which may be sentimental. That being said, it is important that you are realistic about your decision to ask for the home when dividing marital property. Here are two questions you need to ask:
1. Can you afford it?
From paying the mortgage to home insurance, property taxes and regular maintenance costs, a lot goes into owning a home. In a two-income household, you were probably cost-sharing some of these expenses. However, on your own, you may experience difficulty affording the expenses that come with home ownership. If you cannot afford the home, you simply shouldn’t fight for it. Keep in mind that divorce will leave you with a separate bill to settle.
2. Will you have to refinance the mortgage?
Did you and your ex take out the mortgage on the home together? If this is the case, then the only way you can remove their name from the home is by selling or refinancing it. Most often, the mortgage lender will not remove your spouse from the mortgage contract simply because you are divorced. That leaves you with the refinancing option, which can be quite costly.
Divorce can be emotionally draining. Find out how you can protect your rights and interests while going through the divorce.