Spouses dissolving a long-term marriage may face property-division issues. Florida’s equitable distribution laws require a couple to split their assets during a divorce.
Because many types of properties cannot divide equally in half, a divorce may require one spouse to buy out the other spouse’s portion. The Sunshine State’s laws generally consider how much to buy based on the degree of fairness offered to each spouse.
Determining fairness between spouses
A fair property division could include a consideration of how much each spouse contributed toward the asset’s purchase. As noted by Reader’s Digest, a court may also consider an asset’s liquidity and if an individual attempted to conceal it.
If a couple purchased a family home, determining fairness may include reviewing who provided the money for its mortgage payments. When both spouses contributed equally, the couple may decide to sell the house and divide its proceeds.
Maintaining an asset after a divorce
If a spouse wishes to keep a property, he or she may need to take ownership of it by purchasing the other spouse’s portion. An appraisal could determine its fair market value, and based on the couple’s other assets, an equitable division may take place.
Before granting ownership, however, a family court judge may look into an individual’s ability to maintain the property’s upkeep after the divorce. Through a spousal support arrangement, an individual may receive financial assistance for a home’s maintenance.
If children will reside in a home with a custodial parent after the divorce, a spouse may request additional support. A court may also award spousal support for other needs such as health insurance.