Arizona Divorce | Keep the House If You Know…

You Can Keep the House if You Know What You Owe…

In some divorce cases, one of the spouses wants to keep the house after the divorce has been finalized. 

Keeping the house comes with some benefits as well as many potential pitfalls and performing your due diligence on the house is very important if you are planning on keeping the house after the divorce.

For example:

Can you qualify on your own to refinance the house and take your soon-to-be-ex-spouse off of the mortgage and deed to the house?

Do you really know all of the monies that are owed on the house?

Does the house have an open Home Equity Line of Credit (HELOC)? If it does, close the HELOC quickly. 

Are there any tax liens on the house?

Who will pay the real estate commission if the house must be sold?

Who will pay the repair costs in order to get the house ready to be sold?

Who will pay the closing costs? 

Knowing all that is owed on the house and determining who will pay the selling costs will help determine whether to keep the house or if you should sell the house. 

Do You Know What You’re Getting Stuck With?

Is keeping the marital home best for you?

Have you considered all of the costs of keeping your current home? Not just the mortgage, but property taxes, HOA fees, insurance, maintenance, and repairs.

Are you planning on spousal or child support to help you pay the housing cost? What happens if your former spouse dies? 

If you keep the home how will you pay for your family’s extracurricular activities?

How will you pay for vacations? 

Remember, you’ll be down to a single income.

 

Will Keeping the House Destroy Your Future?

Damaged credit, defaults, foreclosures, and bankruptcies can be a result of basing decisions on emotions and will have devastating effects on you for as many as ten years. 

 

Something to Keep This in Mind

Generally, property division is permanent. It is not easy, nor inexpensive to fix mistakes.  

Additional Reading: 

 

Would Our Free Initial Consultation Help? Click Here

What I Do:

1. I help people who own a home together, and plan to separate and/or divorce, avoid making very expensive and long-lasting mistakes with their co-owned home.

2. Although my information can help anyone who plans to divorce, it is best suited for those who are not contesting the divorce (too much) and are as amicable as possible. 

How Do I Do This?

1. I'll  consult with my clients and compassionately help them completely understand all of their options with the home. 

2. I'll explain the option of one person keeping the home and refinancing the home, so the former spouse is no longer on the mortgage loan.

3. I'll explain the option of selling the home and splitting the equity, and then each person having the option to buy a new home on their own.

4. I'll explain why an appraisal-minus-the-mortgage does not equal true equity, and why a home inspection (sometimes called house due diligence) is very important at this time.

5. I'll explain to my clients how their decisions with respect to the home will impact their quality of life for many years to come, positively or negatively.

6. I'll explain how the information I can provide will help my clients make better decisions for their future. 

7. I'll explain how my clients can avoid making expensive and long-lasting mistakes.

8. I'll introduce my clients to other professionals, such as mortgage professionals who can better explain the refinancing and new purchase options.   

9. I'll explain my discounted commission rates that I offer my clients if they choose to sell the house and choose me as their REALTOR®.