Divorce and Real Estate: Handling Marital Property and the Family Home
During a divorce, one of the things that must be decided is who gets what. For a couple that has been married for a short time and has little to no assets, this part may not be too difficult. But for a couple who has been married for decades and has a marital home, among other assets, property division can be quite a challenge.
That is because, under Florida law, assets are split equitably. This may be 50/50, but it could be some other split as well as based on who contributed what to the marriage.
One of the biggest assets (and investments) in a marriage is the marital home. A home could be worth $500,000 or more, so of course it will be up for dispute. One party may decide they want to keep. Or both may decide to sell it.
Ideally, both spouses would be in agreement as to how the home will be split. But this does not always happen. It is possible that they may not be able to agree on what to do with it.
If this happens, then the case will have to go to court. The judge will be forced to make a decision based on various factors.
Who Wants the House?
If one spouse wants the house, then they will be able to keep it as long as there are enough other assets to give to the other spouse so that they get a 50% share. If neither spouse wants the house, then the home will be sold and the couple can split the proceeds.
Things get complicated If both spouses want the home. If the couple cannot agree on who gets the house, then the court must consider factors such as:
- Whether either spouse will have primary custody of the children
- Whether either or both spouses can afford the house independently
- Which spouse is paying the home expenses at the time of the divorce
It is possible that the couple may continue to jointly own the home with one spouse living in it. This may happen in situations where the mortgage is more than what the home is worth. In this case, waiting for market conditions to improve may be your best bet.
In this situation, both spouses would keep their names on the deed and the mortgage. The court will dictate that the home is to be sold at a future date and how the proceeds will be split at that time.
Contact a West Palm Beach Divorce Attorney Today
Handling marital property can be complicated, especially when there is a house involved. You need the right legal help on your side to ensure there is an equitable split.
Divorces are tough to deal with. Brian K. McMahon, P.A. is a skilled West Palm Beach divorce attorney who can offer advice based on professional experience, legal precedents, and Florida law. Schedule a consultation today by filling out the online form or calling (561) 658-1789. We serve the West Palm Beach, Boca Raton, Port St. Lucie, and South Florida areas.