Divorce and New Home Purchase

[Cassie Jaye]

I live in Arizona. My husband and I just purchased a new home two and a half months ago. He told me a couple of weeks ago that now he wants a divorce. Is it possible for him to refinance the cost of the house ($173,000) and buy me out of my half of the house? Right now, there is about $5,000 worth of equity in the home. What are my rights concerning the house?

 

[Cassie Jaye]

Divorce and New Home Purchase, Con't

To anyone who might be reading this for information for themselves, I was able to contact a lawyer here in Arizona, and this is what she said... Living in a community property state, I am entitled to half of the community property, and am also responsible for half of the community debt. However my husband and I decide to divide up the equity of our home is up to us--the courts don't interefere. It is also possible, if he qualifies for refinancing, that he could refinance the home, and buy me out of my half of the house. I don't know if all community property states are the same, but that's how it is here in Arizona!