While going through a divorce, assets and debts will be split up between both spouses. The most valuable asset tends to be the home and the largest debt is usually the mortgage. If one of the spouses owned the house before the couple was married, the house remains the property of whoever had it first. If this is not the case, the house and mortgage will be addressed in the divorce settlement. A spouse is not allowed to kick their partner out if the house is joint marital property. However, if they receive an order of exclusive occupancy from the [...]
Archive for the ‘Marital Residence’ Category
Dealing with property during a divorce is already stressful enough; don’t let the court handle the division of property if you can do it yourself. Spouses can handle the division of property on their own by creating a separation agreement. A separation agreement is a contract that lays out how matters should be handled if the marriage were to end. The agreement can contain division of property, ownership of real estate, division of debt, financial support, custody, child support, and parenting time. A separation agreement can save you a lot of time and money in the event of a divorce. [...]
Deciding who gets to keep the house in a divorce settlement should always be a financial decision, NOT an emotional one. While acknowledging your feelings is an important part of the healing process, those feelings should not come into play when deciding what to do with the house. In order to give yourself the opportunity to truly start over, you’ve got to remember that feelings and money don’t mix very well. Therefore, it can be helpful for divorcing spouses to consult with an outside 3rd party – someone who knows the financial ins and outs of divorce in Arizona.
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