Divorcing couples have many things on their mind and one concern is what will happen to their family home during their divorce. Because of the significance of this concern to many divorcing couples in Florida, it is helpful to be familiar with the difference approaches for what to do with a family home.
Sell the home
One of the simplest and most straightforward options for handling the family home during divorce and property division is to sell the home and for the divorcing couple to share the proceeds as part of their property division settlement. This can be a less emotionally clean option, however, and both spouses should keep in mind that they will need to secure other housing arrangements in the event they decide to sell the family home.
One spouse buys out the other spouse
If one spouse wishes to keep the family home, another approach is for that spouse to buy out the other spouse’s interest in home. If the spouses decide to go this route, they will need to have a valuation of the home conducted and keep in mind that the home will likely need to be refinanced.
Maintain joint ownership of the home
A third option for the divorcing couple to consider is joint ownership of the home. This is sometimes an approach that is considered if one spouse wants to remain in the family home with minor children until the children are grown. It is important for the divorcing couple to set up an agreement as to how household-related expenses will be handled if they agree to keep the home as joint owners with one spouse living there for a period of time.
Dividing a home can be a difficult process but with the help of family law tools and resources, divorcing couples are in a better position to understand their options. Knowing the different approaches can help them decide on the best one for them.