When children are told they have to share the last piece of cake, even at a young age, they understand the importance of getting their fair share. There may be countless times in life when someone watches assets divided in front of them and may have to fight to get what is due. At no other time does equitable property division become as important as when two people are going through a divorce. The largest, most difficult asset to divide is often the family home.
Florida couples would benefit from getting independent appraisals of the property before negotiating its division. Once they agree on the value of the home and subtract what they owe, they have a better understanding of the equity to divide between them. One way to divide that equity is to simply sell the house and split the profits. This is often the cleanest option for two people to disentangle their interests in the property.
However, if one spouse wants to stay in the house, that person can refinance the house to remove the ex from the mortgage. Refinancing may also provide funds to buy out the equity from the other spouse. In some cases, though, the couple’s finances or an upside-down mortgage make it difficult to sell the house profitably. A couple may decide to keep the house and share its costs for the foreseeable future.
There are other alternatives for dealing with the family home during property division. It is important for one’s future financial security to get a fair portion of the equity in a home. To ensure the best results for one’s circumstances, the advice of a Florida attorney often proves invaluable.
Source: nerdwallet.com, “How to Split Home Value in a Divorce“, Holden Lewis, Nov. 22, 2017