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Thinking clearly about the family residence

On Behalf of | Nov 13, 2018 | Property Division

When a couple is divorcing and going through a legal separation, they may find that they have a lot of emotions attached to the home they shared while happily married. But, like the couple’s other property, the home will be subject to property division.

In the vast majority of cases, this means that the home will either have to be sold, or one of the parties will need to move out. Given the emotions involved and for other reasons, perhaps even a misconception that getting the marital residence is always good financially, a Phoenix resident may be tempted to fight to keep the house at all costs.

Granted, sometimes, it is a good idea to try and hang on to the marital home, but this is not always the case. For instance, while many think of real estate as a good long-term investment, in the short run, it, like everything else, is subject to changes in the market.

In other words, a person can trade a lot of assets for the privilege of keeping the marital residence, only to find that she is upside down on a home because of a change in the market. Moreover, the reality is that keeping up a home is expensive, even if the house is paid for or the mortgage payment is reasonable. Taxes, insurance and the cost of oftentimes expensive repair and maintenance can be hard to afford, even if a person makes good money.

Before signing up to taking on this responsibility alone, a person needs to make sure he can make it fit in his budget. In fact, the whole question of whether or not to take on the marital residence is really something best discussed with one’s Arizona family law attorney.