YUMA, Arizona. If you’re getting divorced and own more than one home, one of the big questions you and your former spouse will have to answer involves how you will divide your property. According to Nerd Wallet
, if you own real estate, your first step should be to get an appraisal of the value of your shared property. Even if your divorce is likely to be amicable, it may even be valuable for each of you to get an appraisal. This way, each of you protect your interests and get a good sense of the value of your property.
When it comes to dividing property, you have several options under the law. You can sell the home and divide the proceeds after paying off debts. You can have one partner refinance the mortgage and keep the home. Or, both of you can keep the home. If you choose this option, you’ll want to have clear provisions in your divorce agreement for how the home will be used, and what happens when and if it will be sold. Generally, the cleanest split will be if you and your ex sell your shared property and split the proceeds. But, if you’re in a down market, it may be financially wise to hold onto the home together, or apart.
If you want to avoid selling at a loss, Realtor.com
notes that both parties can move out of the house, rent the home, and split the proceeds. If you plan to do this, you may want to work with your divorce attorney and an accountant about how these financial transactions will be handled and what timeline you’ll put in place to discuss putting the house on the market eventually. If you plan to rent out your home, there can be other complications, too. For example, who will be responsible for being the “landlord”? This can be time-consuming. Who will be responsible for home repairs and maintenance and taxes? It is important to clearly outline your duties if you plan to keep the home.
When considering how you’ll divide real estate in a divorce, it is important to try to keep emotion out of it as much as possible. This is often easier said than done if you’re talking about a home where you have family memories and memories about spending important moments with your children. Still, it is wise to remember that you’ll always have photos and memories, but that the burden of maintaining a house you can’t afford can eat into your retirement savings and impact your financial future.
If you have questions about how to divide property during your divorce, consider speaking to the qualified divorce lawyers at Schneider & Onofry, P.C. in Yuma, Arizona. Our firm can review your situation, help you understand your options, and work with you to help you find the best possible divorce settlement under the law. Visit us today at https://www.soarizonalaw.com/
to learn more about your options.
Schneider & Onofry, P.C.
207 W. 2nd St.
Yuma, AZ 85364