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Divorce and how it will impact ownership of the family home

The end of a marriage involves many complex decisions, including addressing valuable assets jointly owned by both spouses. This includes the family home, which can be a difficult and emotional issue for many Florida families. Divorce means that a couple will have to decide who stays and who moves out or whether it is most prudent to sell.

The family home is likely the most significant and valuable asset a couple will have to address during the property division process. One option for dealing with the house is to sell, allowing both spouses to share the proceeds and start fresh. Another option includes one spouse offering the other a certain amount of money to buy out his or her share, allowing the buyer to remain in the home. This may be an attractive option for a custodial parent who wants the kids to remain in their house.

Spouses also have the option to maintain joint ownership in the house. Sometimes, a Florida couple may choose to keep the home and share expenses until the children move out. After that point, they may sell and split the profit. When making important decisions involving the home, it may be smart to consider what will work best long term, not just what seems right in the moment.

Deciding what will happen to the family home is not easy. However, a couple would be wise to think about their financial capabilities after divorce, including potential tax implications and other factors, when making choices that will affect their future after divorce. Handling property division the right way with a goal of a strong future is optimal for every member of the family. 

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