In a divorce, one of the most significant assets to consider is the marital home. Determining what happens to the house can be a complex process influenced by various factors, including state laws, the nature of the divorce (amicable or contentious), and the couple’s financial situation.
Both parties must understand how to handle the house, as it can have long-term financial implications.
1. Ownership and Property Division
First, you must identify whether the home is considered “marital property” or “separate property.” Marital property generally refers to assets acquired during the marriage, and it is subject to division.
In contrast, separate property refers to assets owned by one spouse before the marriage or acquired individually, such as inheritances or gifts.
Florida is an equitable distribution jurisdiction. That means we start with a presumption of a 50/50 split but then apply hundreds of rules in an effort to make the division more fair.
2. Options for Handling the House
Couples generally have a few options when deciding what happens to the house in a divorce:
- Sell the house: One of the most common outcomes is to sell the home and divide the proceeds. This allows both parties to start fresh financially and move on without the burden of shared ownership.
- One spouse keeps the house: In some cases, one spouse may wish to keep the house to maintain stability, especially if children are involved. The spouse keeping the home may need to buy out the other spouse’s share, or trade off other assets in exchange for the house.
- Co-ownership after divorce: Some couples may decide to continue co-owning the home temporarily until the children grow up or the real estate market improves. However, this option requires a high level of cooperation.
3. Mortgage and Financial Considerations
If one spouse plans to keep the house, they must consider whether they can afford the mortgage, taxes, and maintenance on their own. Refinancing the mortgage may be necessary to remove the other spouse’s name, which could require good credit and adequate income.
How a Divorce Realtor Can Help?
A divorce realtor specializes in managing the unique challenges involved in selling a home during a divorce. With extensive experience in divorce-related real estate, they can guide you through the legal complexities, help manage the emotional aspects, and work with both parties to reach a fair agreement.
Realtors like Diana Sacoto in Central Florida, ensure that your property is sold quickly and for top dollar. Diana handles all necessary paperwork to expertly market the home. She makes the process smoother and more efficient during this challenging time.
Disclosure: This article is for informational purposes only and should not be considered legal advice. Real estate transactions during a divorce can involve complex legal issues. It is important to consult with your attorney for personalized guidance specific to your situation.
