When you go through the process of divorce in Florida, you will generally have to experience a lot of steps to get everything complete. One of the most important and contentious is the division of assets. For most couples this can be one of the most stressful moments as you try to figure out who gets what. While there may be several pieces of property a couple needs to divide, it is often figuring out who gets the house that causes the most conflict, since it is the largest piece that needs to be dealt with.
Florida’s General Property Rule
According to Florida’s Marital Property Laws, property that is deemed marital property is split 50/50. This also includes property that was acquired by either partner during the marriage. Non-marital property, which is property that was acquired before the marriage is not divided equally. So, under that premise, if you and your spouse purchased a home together after you were married, then the marital home would be divided equally…but, how do you split a house?
What Are The Options For Splitting A Home?
There are a variety of options when deciding who gets the house in Florida. Florida is an equitable distribution state, which means that the State divides assets based on their value. Therefore, before you move forward with trying to split the house, you must first find out its value through an assessment. Once that is complete there are a few different choices you could make.
Sell The House
If the couple cannot agree on how to handle the marital home, often the best way to settle the disagreement fairly is to sell the home and split the profits from the sale evenly between the partners.
Buy The Other Out
If both spouses agree to one spouse keeping the house in a divorce, they can buy out the other which equals 50% of the assessed value of the home.
Give The Property To A Caregiver
If you have children, the parent with the children the majority of the time is the one who gets the house if it is financially feasible. This is often the most preferred in the best interests of the children, because they won’t have to move or change schools.
Mortgage Issues Might Determine Who Gets The House
If one partner is keeping the house, the other’s name could be on the mortgage. The best way around this is for the spouse who is keeping the house to refinance the mortgage into their name solely. In today’s financial climate, that is not always an easy step.
In these situations, it is best to have a qualified family law attorney handle the division of your home. An attorney can help facilitate the division and depending on the option you choose with your spouse, they can assist with a buyout, the sale of the house or transferring the asset to the primary caregiver.
Are You Worried About Who Gets The House In Your Divorce? Call The Law Office Of William B. Bennett Today.
If you are considering a divorce, you will need an aggressive and qualified divorce lawyer to handle the division of your marital assets, including your home. Call The Law Office of William B. Bennett, P.A. today at (727) 821-8000 or contact us on our website here. We offer a free consultation where we can privately discuss the details of your divorce case as well as go through the division of your marital assets.