What Phoenix Divorce Attorneys Recommend
The marital home is generally something considered special and often carries a certain emotional attachment. When it comes to divorce, there appears to be a certain symbolic weight attached to a marital residence, and it is often perceived that the person who gets the house emerges as the winner of the battle. Before deciding to fight for the house in an Arizona divorce, what questions should you ask yourself.
First, will you be able to get a loan for the house in only your name? If you still have a mortgage on the home and it is in your partner’s name or both your names, it will likely have to be refinanced. This may be a problem if your debt-to-income ratio does not comply with federal requirements, especially given that child support and alimony payments only become reliable sources of income after 12 months of payments. The second question relates to the costs involved in maintaining and owning the house as a single person. A careful consideration of all the costs involved can help you form a clear picture.
Third, it is important to ask a professional about the current real estate market and the projections for the future of the market in your specific area in order to establish the true value of the house. Finally, you need to ask a tax professional about the tax implications. Depending on the capital gain you may make on the house if you sell it, you may be faced with paying taxes on the profit.
Consult our Phoenix divorce attorneys to obtain advice on the division of marital property is often a good idea. In fact, it is wise to obtain advice from a professional before having any discussions with your soon-to-be ex-spouse. Your attorney will help you find answers to your questions, and those answers may help you think clearly without emotions getting in the way.
Source: Forbes, “Four Questions To Consider Before Deciding To Keep Your Marital Home“, Jeff Landers, Accessed on March 7, 2015