For many Florida residents, the family home is one of their biggest assets. The house is also the asset with the most emotional attachment. There are many questions that need to be answered in a divorce and what to do with the family home can be the most contentious. There are common ways a Florida home can be settled in the divorce negotiations.
Selling the family home
If neither spouse wants to keep the house or if one spouse can’t afford to keep the house on their own, selling the home makes the most sense. The couple can put the home on the market and try to get the best price possible. They would then split the proceeds and walk away from the home.
One spouse buys out the other spouse
In this situation one spouse sells their share of the house to the other spouse. This can happen when the primary caregiver of the children wants to remain in the home and keep as much normalcy as possible. Typically, a new mortgage is taken out with the one spouse listed on the title. It is important that the spouse taking over the house is able to pay for the monthly mortgage as well as insurance, upkeep, and taxes.
Sometimes a couple decides to keep the family home with the primary caregiver staying in the home with the children for a defined period of time. Typically this can be until the last child leaves for college or some other major life change.
A legal professional who is skilled in divorce can help their client determine what their best options may be for the family home. They can help negotiate a settlement that makes sense for both now and into the future.