As a result of the time and investment that has made your house a home, the fate of your house can be one of the most contentious aspects of property division in a Florida divorce. Thankfully, there are a number of options available to you during this process, allowing you to select the one that best fits your needs as you move forward. What may happen to your jointly-owned house at the end of your marriage?
You may choose to sell your home and split the proceeds.
Selling your home and dividing the proceeds along with other assets may allow you and your spouse greater flexibility after you go your separate ways. While this option may seem straightforward, it is important to consider the way that the sale can impact the timeline of your divorce. Wanting to finalize your divorce quickly could lead you to accept a less favorable offer. Waiting for a great offer on your house, on the other hand, could mean your divorce takes longer.
You or your spouse may keep your home.
If you or your spouse wants to keep your home, you may be able to move forward as its sole owner after divorce. Often, this involves one spouse buying out the other’s share of the property with their savings or by trading other valuable assets during property division.
It is important to remember, however, that keeping your home may leave you with fewer financial resources in other areas of your life. You will also be responsible for the cost of upkeep of your home on your individual income.
You may continue as co-owners.
In some cases, people continue to co-own their home after divorce. This can allow you to wait for more favorable market conditions for a sale or until one spouse has built up the savings necessary to buy out the other. For those choosing nesting as a parenting strategy, co-ownership of your home can also provide your children with a sense of stability through this transition for your family.
However, co-ownership also requires you and your spouse to work together to maintain the home and ensure that you make all necessary payments. As a result, if you want to pursue co-ownership you may need to think carefully about how you intend to balance these responsibilities.
While determining the fate of your house can be stressful, the options available to you allow you to select an approach that supports your needs and your financial health.