What Happens to the House During a Divorce in Arizona?
One of the largest assets you’ll have to deal with during your divorce is your marital home. Because it’s so valuable, neither party will be willing to simply walk away from the house. Your divorce lawyer in Arizona is going to have to negotiate an agreement with your spouse’s attorney that is fair.
Did You and Your Spouse Buy the Home Together?
If you and your spouse purchased the house together, you’ll likely have to split the proceeds. However, if one of you brought the home into the marriage, it’s a different story. One party may have more equity in the house than the other. This will determine how the house is divided.
How Much Equity is in the House?
If there’s a lot of equity in the house, you may not want to get rid of it. It all depends on the market. If the market is on its way up, you wouldn’t want to sell it too soon. If, on the other hand, there isn’t a lot of equity in the house, it may not matter. Your divorce lawyer in Arizona will work out the numbers with your spouse’s attorney. Together they can figure out what’s best for the two of you.
Your Divorce Lawyer in Arizona Will Try to Negotiate a Settlement
If the home means a lot to your family, you probably don’t want to see it sold. Your divorce lawyer in Arizona is going to try to work something out with your spouse’s attorney. Perhaps one of you stays in the house and buys the other party out. Or you may agree to let your spouse stay in the home until the kids graduate. It all depends on your situation. Everybody is different. Your divorce lawyer in Arizona will review your case and try to come up with the best possible solution.
Be Prepared to Sell the House
Ultimately, you may have to sell the house. Even if one of you want to keep the house, you may not be able to afford to buy the other one out. Depending on how much equity is in the home, this could be a significant amount of money. If you sell the house, you can take the proceeds and split them in half. You can even use these proceeds to offset alimony. For example, if you’re going to have to pay your spouse $12,000 in alimony per year for five years, you can pay them a lump sum now. Take proceeds from the sale of the house and buy your spouse out of their share in the house.
Call a Skilled Divorce Lawyer in Arizona Today
One of the reasons you call a divorce lawyer in Arizona is because you’re not sure what to do. If you’re getting divorced and aren’t sure how to divide your assets, you’re not alone. Most people aren’t quite sure what they can and can’t do. They also don’t know what their spouse is entitled to. That’s why you should sit down with an experienced divorce lawyer in Arizona. They’ve handled plenty of cases like yours. They know the law and understand what you’re entitled to.
Call our office and set up a date and time to come into our office. Sit down with someone who knows how to get you the best possible outcome. As much as you’d like t hope your divorce will be an amicable one, that isn’t always the case. The last thing you want to do is get taken advantage of during the divorce. It’s a good idea to have a divorce lawyer in Arizona by your side.