Who Gets The House in a Florida Divorce?
The divorce process in Florida involves many different processes. One of the most contentious is dividing property. Property division hearings are some of the most stressful for people, as they imagine what belongings they may lose. Of all the assets people are concerned about, one of the biggest is the marital home. A home is the biggest purchase most people will make in their lifetime. It is also one of the most sentimental assets for couples who have raised their family in the house. So, who gets the home in a Florida divorce?
Property Division Law in Florida
In all Florida divorces, marital property is divided according to equitable distribution laws. This means marital assets and liabilities are divided fairly, although not necessarily equally. Some assets, such as a bank account, can be divided fairly easily. Others, such as a home, are not so simple. Each party still has a right to a portion of the home, but dividing it is much more difficult.
Options for Dividing a Home in Divorce
There are many different ways a home can be divided fairly during divorce. These include:
- Letting the primary caregiver keep it: If the primary caregiver of the children can afford it, the marital home is often given to them during the divorce. This is because staying in the home will result in less disruption to the life of the children, as they will not have to move or change schools. However, the other spouse should receive something of equal value in exchange for their portion of the home.
- Buying a spouse out: In some cases, one spouse may agree to buy the other out in order to stay in the home. This spouse will make a payment to the other party that is equal to the value of their portion of the home.
- Selling the home: When couples cannot agree or neither spouse can afford to keep the home on their own, the house may have to be sold and the proceeds divided fairly between the two spouses.
Refinancing the Mortgage
Any time one spouse keeps the home during divorce, the mortgage usually has to be refinanced. This is because it is very common for the names of both parties to be on the current loan and the name of the spouse moving out needs to be removed from the mortgage. Refinancing the home is not always possible, so it is always important to work with a Tampa divorce lawyer. An attorney can advise you of your legal options, and determine if you will be able to refinance the loan.
Our Divorce Lawyer in Tampa Can Help with the Division of Your Assets
If you are considering divorce, our Tampa divorce lawyers can help with property division issues, and any other dispute that may arise during the process. At All Family Law Group, P.A., our skilled attorneys have extensive experience dividing the most complex assets, and we want to put our skills to work for you. Call us now at 813-672-1900 or contact us online to schedule a free consultation. Se habla Español.