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Affording the family home after a divorce

On Behalf of | Aug 1, 2017 | Divorce

When an Arizona couple is going through a divorce, dividing up the property can become a point of contention especially if both individuals have separate goals. For example, one person may wish to retain ownership of the family home if there are children involved, as this can help keep their home life stable while everything else is changing. While keeping the home can be beneficial, there are some financial hoops a parent going through a divorce may have to jump through.

The decision to try and keep the family home is often highly influenced by emotions, especially if the divorce is not amicable. The reality, however, is that keeping the home may simply not be financially possible. Those who want to keep the marital home will most likely have to refinance the mortgage on their own. If they do not have their own income and have not yet begun to receive alimony payments, they may not be eligible for a new mortgage.

Before a person tries to retain ownership of the family home in a divorce, it is recommended that he or she talks to a mortgage specialist. The specialist could review and discuss the potential options that the person may have prior to negotiating a divorce settlement. This way, a person going through a divorce is better prepared when it comes to negotiations.

Going through a divorce and the associated asset division process can be an emotional experience. However, a family law attorney may review the divorce settlement offer to determine if it aligns with the client’s goals. If the offer is not fair or if the person wants to retain control of certain assets and property, the attorney may continue with the negotiations until an appropriate accord is reached.