Property division is a key part of divorce in Florida. The family home is usually one of the most significant assets that have to be divided.
Divorcing couples have several options for the family home in a divorce. Here are some of the most common routes that divorcing couples take.
Selling the home
The couple’s first option is to sell the home and split the proceeds. This option can be advantageous because it offers a clean break for all parties. Selling the home also allows each spouse to save up some money for their post-divorce life.
Whether to sell the home or not depends on individual circumstances. In some cases, one spouse prefers to hold onto the property.
A buyout
If one spouse wants to keep the home, then a buyout is another possibility. This process involves transferring ownership to one spouse for an agreed fee. This could be beneficial for the children if they get to stay in the same house that they have been brought up in. Nonetheless, a careful financial assessment should be conducted, as running a household on your own can be expensive.
Co-ownership
In some cases, co-ownership may be the best option. Spouses may agree to co-own the property until the children have grown up or when market conditions are more favorable. In cases of co-ownership, divorced spouses must have legal agreements drawn up. These outline how the maintenance costs and other property-related expenses will be distributed.
What to do with the family home is a major decision in divorce. To ensure you make the right decision for you and your family, it may help to seek some legal guidance.