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.
Statistics will never tell the whole story, but looking at divorce trends as a whole, it shows that divorce is a constant element in modern life—one that’s gaining more acceptance by the year. Divorce rates famously grew during the 1980s and 1990s, but have dropped in recent years. In 2015, the rate was its lowest in almost 40 years. Figures have remained relatively stable in recent years.
Everyone has heard the stories about a divorcing couple who can’t decide who gets the car, a piece of furniture or a favorite painting. In the divorce process, it’s common to divide assets. Arizona follows the concept of community property, which means anything you’ve acquired during marriage is owned equally by both partners. In divorce, those assets are divided to give equal value to each side.
Whether or not to keep the family home after a divorce is a huge decision that you should not rush. It is understandable to want to hold onto such an important piece of your life and assets, but this is not necessarily the best decision for your family. Assess your situation and your finances first, asking yourself these questions:
Divorce is on the horizon and stress is beginning to build. You thought making the decision to divorce would be the toughest and most emotional part of the process, unfortunately, you were wrong. After you and your spouse agreed that your marital issues were beyond repair, you breathed a slight sigh of relief. Maybe the two of you are more on the same page than you thought?