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What are you going to do with the marital home if you divorce?

It is a question that comes up in a lot of divorces. What will happen to the marital home is one of the primary concerns that people have when they are going through a divorce.

You might think that the answer is easy. That is, until you take the time to sit down and really look at the situation. There are several points that you need to think about if you are having to make this decision.

How much do you owe on the house?

The balance on the mortgage might have a part in what you decide to do with the home. Sometimes, lenders will approve a short sale on a home, but this isn't always be possible. Plus, you have to think about the hit you might take to your credit. If the balance is less than the market value of the home, you might be able to sell the home. Whatever profit is made on the home could be split between you and your ex.

Can you afford the mortgage and costs?

Keeping the marital home might be the direction you want to go at first. Before you think about doing this, make sure that you consider what this decision will cost you. There won't be another income to help you make the mortgage payment. You also have to be able to pay the upkeep costs, taxes, maintenance, repair and other costs for the home. It might be helpful to sit down with a piece of paper and make out a monthly budget that includes all of the expenses you will have each month. Once you know what your finances will look like, you can make a better decision.

What will your kids think about leaving?

Some children have lived in their parents' marital home their entire life. Think about what it will do to them to move. If you think that this will be a huge deal for them, you might need to consider a solution other than selling the home. Of course, there are times when the sale and subsequent move will be inevitable.

What does your ex think?

You aren't the only person who has input into what happens with the marital home. You have to think about what your ex wants to do with the home. Remember that the property division settlement involves negotiations between you and your ex so you have to be willing to listen to the other side.

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Reppucci & Roeder Attorneys at Law | 5727 N. 7th Street, Ste. 205, Phoenix, Arizona 85014 Phone: (480) 900-5538 Map & Directions
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