Among the chief concerns of Florida spouses who are preparing to divorce is how to handle the division of marital property. Real estate poses a particular concern, due to the large volume of uncertainties surrounding the value of a home and its likelihood of selling. For some, the challenges of dealing with the disposition of the family home are overwhelming. Couples should remember, however, that they have options when it comes to dividing property during a divorce.
One choice is to agree to sell the home and divide the proceeds. This can lead to a simpler final result, but can be a challenging process in toady’s real estate market, which continues to be unstable. When the local market cannot support a good price, both parties may suffer, especially when the costs of listing and selling the home are factored in.
Many couples choose an arrangement in which one party retains the home while the other moves on to find their own housing. This can get tricky when both parties are listed on the mortgage. Many spouses are surprised to find that even when they have their divorce settlement in hand that absolves them of any financial responsibility toward the property, they are still on the hook for the mortgage. In some cases, refinancing the home in the name of just one spouse can be difficult and expensive.
When real estate factors into the property division process, it is important that couples who are going through a Florida divorce are able to find guidance on how best to proceed. The outcome of dividing property can make a huge difference in an individual’s financial stability. The importance of making the right choice cannot be overstated.
Source: Reuters, Splitsville? How to divide property in a divorce, Geoff Williams, Oct. 7, 2013