Divorce is rarely ever easy, especially when you have spent years building a life together. Deciding what happens to your family home in the divorce is often one of the most difficult decisions you will have to make during the divorce process.
In Florida, if a couple acquires a house during the marriage and/or both their names are on the title, it will likely be considered marital property and will be subjected to equitable distribution.
This means that the judge can decide to divide the property between you and your ex in a fair in equitable way, albeit not necessarily 50-50.
If your house is considered marital property, there are a few possible options moving forward. You may choose to:
- Sell the home: The simplest option may be to sell the home and divide the profits equally between you.
- Buy out: One spouse may choose to keep the house by buying out the other spouse and then refinance the loan in their name alone.
- Continue co-ownership: Both spouses may choose to continue living in the home for a specified or indefinite amount of time.
If you are thinking about keeping the house, you will need to think about whether you can afford the mortgage payments and maintenance costs without the help of your ex-spouse.
If you are thinking about selling the home, you will need to consider the costs involved with selling and how the sale will impact the custody of your children, if you have any.
Many people have an emotional attachment to their family home and for good reason. They have spent years in their home, creating wonderful memories involving game nights, holidays, birthday parties, and backyard barbeques with family and friends.
That is why it can be so difficult to put personal feelings aside when deciding which option is best for you. A family law attorney can help you leave the past in the past and choose the option that makes the most sense for your future.