623-748-4890
Lincoln & Wenk, PLLC
View Blog Navigation

What's involved in keeping the family home after divorce?

If you're a homeowner who's divorcing, what to do with the family home can be one of the biggest and most emotional decisions you're likely to make during the process. If you have children, it may be particularly important for the parent who'll have the kids most of the time to remain in the home to minimize the changes required of the kids. Staying put can mean they're able to remain in their schools, stay close with their friends and participate in their extracurricular groups.

If you and your spouse own your home together and you want to remain in it, you'll likely need to buy out their share of the home's equity. If this is your goal, the first thing you need to do is determine the buyout amount. Then you can determine whether you can afford a buyout.

If the two of you can agree on the home's value, you're one step ahead. If you can't, you'll need to call in a professional appraiser. If you can't agree on an appraiser or the appraisal, you may have to deal with dueling appraisers and perhaps a final decision by a judge.

Once you've agreed upon the buyout amount, you must determine whether you can qualify for a mortgage based on your own income and assets. Even if you qualify, it's essential to decide whether you want to spend a significant portion of your monthly income on mortgage payments. Remember that if you become the sole owner of the home, you'll also be responsible for property taxes, insurance, maintenance and other expenses.

If keeping the home is a priority, you may be able to negotiate a lower buyout amount with your spouse in exchange for less alimony or letting them keep other assets as you divide up property. Some couples agree to a gradual buyout. However, that involves both spouses staying on the mortgage. Do you want to remain financially tied to your spouse after your divorce? If they've agreed to help with the mortgage payments, you'll have to trust that they'll do that, since your good credit depends on it.

If you want to pursue a buyout of your home, it's wise to consult real estate and financial professionals as well as your family law attorney. They can all offer valuable guidance as you determine what's best for you and your children.

No Comments

Leave a comment
Comment Information
  • Super Lawyers
  • 2015 ARAG | Elite Service Provider
  • AV | Peer Review Rated for Ethical Standards & Legal Ability | Preeminent | Martindale-Hubbell from LexisNexis
  • American Association for Justice | Formerly the Association of Trial Lawyers of America (ATLA)
  • Arizona Association of Family Law Attorneys - AZAFLA
  • Lincoln & Wenk, PLLC BBB Business Review
  • Association of Top 100 2019 | American Trial Lawyers
  • American Academy Of Trial Attorneys | AATA | Premier 100 | 2015
  • Family Law | Top 10 | Attorney And Practice Magazine's | 2018 | Attorney
  • Top Valley Lawyers 2017 | North Valley Magazine
  • American Institute of Family Law Attorneys | 10 Best 2017-2018
  • Veteran Owned Business - A Registered Vetrepreneur on Buyveteran.com - 2014
  • Avvo Top Attorney
  • Avvo Client's Choice
Email Us For A Response

Need legal help from an attorney?
Contact us now to schedule a consultation with our lawyers

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Goodyear Office:
1616 North Litchfield Road
Suite 140
Goodyear, AZ 85395

Phone: 623-748-4890
Fax: 623-536-1984
Goodyear Law Office Map

Peoria Office:
16165 N. 83rd Avenue
Suite 200
Peoria, AZ 85381

Phone: 623-748-4890
Fax: 623-536-1984
Map & Directions

Phoenix - Desert Ridge Office:
20830 N. Tatum Blvd
Suite 210
Phoenix, AZ 85050

Phone: 623-748-4890
Fax: 623-536-1984
Phoenix Law Office Map