Moving can be difficult, especially when the move comes in the midst of a separation or divorce. These are two complicated and emotionally charged processes, and you may not be sure what your divorce will ultimately mean for your financial future. If you are facing divorce, you may want to learn more about how property division works and what it will look like in your situation.
Your house is probably the most valuable asset you and your spouse have. Maybe you want to stay in the home, or maybe you hope that you can sell it and live somewhere new. No matter what your goals may be, it will be helpful to understand how property division works and what you can expect from this process. This will help you avoid unnecessary disputes and potentially come to a reasonable out-of-court solution to your property division concerns.
Your family home and your future
You probably have years of memories in your Florida home, and it can be hard to walk away from it. However, keeping the family home is not always the most beneficial idea. You may not be able to afford the home on one income, especially when you consider things like cost of maintenance, taxes and more. Some of the following facts may be helpful to you:
- You may want to buy out your spouse's share of the family home, and that is possible in some situations.
- Often, couples find it most beneficial to sell the home and then share the equity. This allows both parties to get a fresh start.
- If one spouse owned the home before marriage or put in a significant amount of money into the home, some or all of the equity of the home may not be marital property.
- The right way to handle this asset, whether you sell or one spouse keeps the home, depends on the individual details of the situation.
Ultimately, the right way to handle the family home in your divorce depends on your goals for the future and other details specific to your unique situation. If you have concerns about your home, property division and the financial aspects of your divorce, you will find it helpful to speak with an experienced legal advocate about your situation. You have the right to seek support and guidance as you pursue a strong post-divorce future.