When homeowners decide to go their separate ways, they must first decide what to do with their home. This is an area of contention for many couples, as there are several different ways to handle the disposition of a piece of Florida real estate. The following tips can help couples consider their options, and make a decision that is in line with their best interests.
One option is for one spouse to retain the home, and for the other to receive his or her share of the equity in the property. In order for this to work out, the spouse who wants to remain in the home must have the financial means to buy out the other. Some people are able to secure a mortgage to cover the full value of the home. Others will cede their share of other assets to pay for the home’s equity.
For many couples, a far simpler option is to sell the home and divide the proceeds. This allows both parties a chance to walk away from the home with a bit of profit, which can then be used toward future stability. In addition, selling the home removes the obligation for one spouse to pay the other, which simplifies the financial aspects of the divorce.
No matter which road a Florida couples chooses, it is important to ensure that this and all other property division choices are made with a full understanding of the probable outcome. Working with a Florida divorce attorney is the best way to achieve a favorable outcome. It is also helpful to have a trusted legal advisor to turn to with any questions about dividing marital wealth.
Source: marketwatch.com, “What to do about your home in a divorce“, Shawn Leamon, March 11, 2017