16 Dec The Division of Assets After Divorce: What Happens to Your Home?
During the divorce process, there are many challenging decisions that you will need to make. One of the biggest financial decisions you will make is what to do with the house. There are three primary options that you will have: selling the home and splitting up the proceeds, buying the equity of your spouse’s interest in the home, or your spouse buying the equity of your interest in the home. What should you choose?
What Does Florida Law Require?
Florida law dictates that there is an even or fair division of property between both partners during a divorce. It’s important to note that equitable is not always the same as equal, so a fair division of assets can look different from a perfect 50/50 split. Some of the factors that are considered by the judge during the division of property includes:
- How long the marriage lasted
- The financial situation of each spouse
- What each spouse contributed to the marriage and the family, including as a parent or a homemaker
- Each spouse’s financial contribution to the household
- Wrongful conduct
- Destruction or intentional depletion of assets after filing for divorce or in the two-year period before filing for divorce
- And more!
Working with an attorney can ensure you present the strongest possible case to the court.
What Will Happen to Your House?
As mentioned above, there are three options that most couples have when it comes to the house that they occupied. It’s important to think about your financial situation after divorce and what types of mortgages you can afford. In some situations, it would be very challenging to keep the property and it’s easier to take the proceeds or allow the other spouse to buy out your equity and move somewhere else.
If you and your spouse can work together to agree upon what will happen to the house, it can accelerate court proceedings and make the process more seamless. You can work with a lawyer to pursue mediation outside of court.
Contact The Chesnutt Law Firm to discuss your options.