Legal Question in Family Law in Arizona

You will probably have to share the loss since the house was acquired during the marriage and is in both your names. Your options are to let the house be foreclosed on or try to put it on the market and see what you can sell it for. This could take awhile, meaning you would be tied to this house even after the divorce is final. But you could lose the least if you go that route.

Best of luck!

Joan :)

I expect that you both could walk away and be protected by Arizona's anti-deficiency statute. Or, one of you could retain the house and the negative equity. If litigated, my recent experiences are that the Courts are NOT dividing negative equity if one party wants to simply walk away.

We can certainly help you consider and then pursue your options.

One of our attorneys can explain the issues and procedures better in person. As you can imagine, there is too much to cover via email. We offer free 1/2 hour consultations, in which we can discuss your matter in detail.

Please call us directly to discuss the specifics of your matter, or contact my assistant Gloria or my paralegal Jennifer to schedule your free 1/2 hour consultation

/s/ Rich J. Peters

RJ PETERS & ASSOC., P.C.

1422 North 2nd Street, Suite 100

Phoenix, Arizona 85004

602-254-7251

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