People cherish few possessions as much as their residence. Much income and effort go into purchasing and maintaining a home.
However, a house can go up for grabs in a divorce. A common concern for couples who are separating is who keeps the home.
A house is usually a person’s most significant asset. This fact can complicate property division in Florida since the state generally seeks to divide property equitably among divorcing spouses.
Florida has no set law about dividing a house since circumstances vary considerably. The presence of minor children and other factors make each situation unique. Even if the spouses did not purchase the home together, both might have contributed funds to the mortgage and maintaining the property, making it marital property.
One mate could buy out the house from the other. If a couple cannot agree on division, the only other recourse may be to sell the home and split the profits.
If a couple decides that allowing children to stay in the home is ideal, a spouse may choose to give the house to the primary caregiver. However, this option may not be financially feasible since it can require significant wrangling to craft a fair deal for the person leaving home.
When one mate keeps the house, refinancing is often preferable. Doing so can leave the mortgage only in the resident’s name. However, refinancing can be difficult when finances are tight.
Courts favor when spouses agree on who should stay. When the situation is intricate, both parties must carefully review the facts and consequences of any decision.