Ashley Donovan Law, PLLC

Tempe Family Law Attorney
  
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How a child custody arrangement may affect homeownership

On Behalf of | Feb 28, 2021 | Firm News

Arizona family court judges generally award a joint custody arrangement so children may spend an equal amount of time with each parent. Two soon-to-be ex-spouses may negotiate a schedule for when each individual takes custody of the children.

A spouse working full time or traveling may prefer to take custody during weekends and holidays. He or she becomes the noncustodial parent. As noted by the IRS, when children live with a custodial parent, he or she can claim them as dependents on an income tax return.

Taking ownership of a shared home

Arizona law requires dividing marital property equally in half; each spouse has a right to claim 50% of a home’s fair market value. A professional property appraisal typically provides an amount that each spouse has a right to receive.

A spouse who wishes to take full ownership of a house may either trade property or payoff the other spouse for his or her half. As noted by Bankrate.com, a home’s equity value or a new mortgage under one spouse’s name may provide funding for a buyout.

Requesting child or spousal support to afford a property

In certain cases, a single earner’s income may rely on child or spousal support to cover the costs of homeownership. If an individual intends on becoming the custodial parent, he or she may need to show an ability to afford a mortgage, homeowners’ insurance and property taxes. When it appears that financial support from an ex-spouse is necessary, a judge may order a payment schedule.

Caring for the kids after a divorce may require a detailed appraisal and negotiation regarding child custody, property ownership and financial support. When spouses have trouble communicating, however, a custodial parent may find it difficult to receive enough support to provide for his or her children.