Going through a divorce is almost always an extremely difficult process. Often, people going through the breakdown of a marriage may have significant uncertainty about the most important aspects of their lives. Divorce can have significant financial implications for both parties, as you must divide the property and assets you have worked so hard to accumulate. Florida law requires the equitable division of all marital property, which includes most of the assets or debts that are acquired during a marriage. Because of the potentially serious financial consequences associated with ending a marriage and property division, it is important for anyone considering or already involved in a divorce to discuss their situation with an experienced Boca Raton divorce attorney.
Division of a Home in a Divorce
For many people, a home is the largest purchase they will make in their lifetime. When a home is purchased after a couple has gotten married, Florida law treats the home as marital property, regardless of whether the home is titled to one or both spouses. In addition, there are certain situations in which a home purchased prior to a marriage may convert from separate to marital property, making it part of any division of property that may occur in a divorce proceeding.
As marital property, the value of a couple’s home will be split equitably between the parties. Of course, there is no way to literally split the home in two, so there are many options that a couple or a court may consider when dividing the value of real estate that is marital property. Some of the most common options include:
· Liquidation – The parties could agree to sell the home and each take their equitable share of the proceeds. The challenge to this option is that selling a house can sometimes take months or years, so the parties may have to work together and pay the mortgage until a sale is complete.
· One party buys out the other – Another option involves one party purchasing the other’s share by providing the other party with cash or other assets equivalent to their share in the home. If the party keeping the home does not have the immediate capital necessary to buy out the other’s share, they may agree to a structured settlement or other monthly payment plan, which also provides additional support for the spouse giving up ownership of the house.
· Offset the value of the home with other marital property – With this option, one party keeps the house and the other gives up ownership, but instead of one spouse buying out the other with cash, they can agree to give up other property in exchange for the house. For example, if one spouse gets the house, the other may keep all of the investments.
Many factors may be relevant in deciding what to do with the family home. For example, it may be preferable to keep children in the home. Experienced Boca Raton divorce lawyer Alan Burton can help you make the best decision for you regarding your home and any other issues in a divorce; contact our office today for help.