Deciding to get a divorce means many different things for couples in Arizona. Divorcing couples will face a multitude of changes moving forward. In order to help transition from married life to single life, spouses seek to leave their marriage with what they believe is rightfully theirs. While some divorcing spouses can sort through their assets and property with little to no issues, others find themselves in frequent disputes during the property division process.
In community property states, like Arizona, the marital property owned by the couple is equally divided. Separate property owned by each spouse remains his or hers in the divorce process. Because items must be divided equally, this could result in some disputes over marital property, especially if each spouse seeks to own it.
One item that is often fought over is the family home. When seeking to keep the house in a divorce, there are many factors to consider. If the house isn’t paid off, the spouse that has the means to pay it off and manage the upkeep will typically get the home. However, if the house is paid off, this is often an entirely different story.
The marital home is often one of the most important pieces of property in a marriage. It is also often the biggest and most expensive asset a couple owns. Even if a house is paid off, there are still expenses that go with owning a home. Factors such as the ability to maintain the family home could come into play when determining who should remain with the house.
Other options include buying out the other spouse or even selling the home and splitting the proceeds. Additionally, if children are involved, one spouse could agree to remain in the house with the kids until they are grown and move out. At that point, the house would be sold and proceeds would be split.
The divorce process can be very emotional and difficult. It can be challenging to see one’s property be divided; however, it is important to understand what means the most to you and what is important during property division.
Source: ehow.com, “What Happens in a Divorce When the House Is Paid Off?” George Lawrence, May 12, 2017