Going through a divorce is never an easy time. Even the most amicable divorces can drag on for an extended period and put additional stress on everyone involved. One of the tensest topics of most divorces is the family home. It is an item which can hold great emotional value as well as a great cash value for both parties. And with a few options, it is not always easy to come to an agreement on what will be done with the house. Contacting a Phoenix real estate specialist can help you to understand all of the options that you have when where your home is concerned.
As with any divorce, it is always best if both parties can mutually agree on a settlement of the division of property without relying on the court system to handle the matter. Once the judge begins the process of the division of property, both spouses have very little control or input in the process. The three options that couple have are to sell the house, one spouse can buy the other spouses share of the house or they can continue to co-own the house.
Selling the house is normally the fastest and easiest way to divide the proceeds of a home. In the end, it is fairly simple for the money to be divided equally after the mortgage and any other fees are paid. This is also the best option if neither spouse has the money to purchase the house outright or has the desire to keep the house.
If one spouse wants to keep the house, then he or she can offer to buy out their partner’s share of the house. In most cases, the spouse who wants to keep the house must be able to take out a new mortgage on the house to relinquish the partner from any financial or legal responsibility on the property.
In some cases, the spouses agree to continue to co-own the house. Most of the time this is done to accommodate children and to keep from uprooting their lives completely. There are a litany of rules and regulations that both spouses must understand and agree to for this process to work. The largest of which is that they are taking what had been a family relationship and converting it to a business relationship. The status of the mortgage will continue to impact both parties’ credit reports and will essentially not severe their financial connection as long as they continue to co-own the home.
If none of these options can be agreed upon by both spouses, then the court will rule on what will happen to the home and both parties will have to live with that decree. Contacting a Phoenix real estate professional to learn about the options of keeping or selling a home during a divorce is a smart idea for everyone involved. It will let both parties make an informed decision about the next step in their future.