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  • Writer's pictureKristyn Carmichael

Who Pays Closing Costs in Divorce? - "Real Estate Bees" Feature

Couples Solutions Center & Real Estate Bees

In a recent article on closing cost statistics in Arizona at the sale of a home, Real Estate Bees interviewed our founder, Kristyn Carmichael, regarding the specific implication of closing costs at the time of divorce.

What considerations come into play during a divorce when you own a home or other real estate?

Retaining or selling a home is one of the largest, and most financially impactful agreement, that a couples can reach during their divorce process. And there are a number of factors to consider including, but not limited to: closing costs (for sale or refinance), refinance or assumption of the loan, how to complete a buyout, what professional (realtor, loan office, etc) to hire, price and price reductions, etc. There are creative options to retain a home, but often the question is whether retaining the home will be the financially responsible option for the individual or family unit.

Who would cover the closing costs in the case of a divorce in Arizona, specifically?

It often depends. If the home is sold, the closing costs would be shared equally in most cases. If there is a buyout for the home, closing costs will not typically be considered unless brought forward by an attorney or other professional in negotiations. When I speak with my clients in divorce mediation, we discuss a "realm of reasonable" for the buyout - including closing costs as well as not including closing costs. This gives a possible range for the buyout.

You can read more here.

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