When a Florida couple gets a divorce, one of the issues that draws the most scrutiny and leads to significant disagreement is how their property will be split. This can be challenging as the case proceeds because some properties have substantial value. With a marital home that was purchased together after the marriage, it might be shared in some way after the divorce with one party buying out the other or another arrangement reached for it to be kept. However, it is possible that the property might not be split equally. Knowing when this might be the case is important to both parties.
Equitable distribution and how a marital home might be impacted
In general, since Florida is an equitable distribution state, the court will strive to come to a fair determination as to how the property will be shared. That does not necessarily mean equal. If, for example, one person owned a business before the marriage, then it will still be theirs in the divorce. There are factors that will be considered such as contributions the non-owning spouse made to the business growth. To achieve fairness, they might be compensated for that. With a marital home, there are certain aspects that will be considered.
If, for example, there is a minor child from the relationship and the person who has custody wants to retain the home and reside there, the court will gauge how equitable it is to allow it; if the child’s best interests will be served; and the state of the couple’s finances in paying for and maintaining the property until the child reaches legal age or is emancipated. The court can terminate exclusive possession of the home. If fairness in the divorce would be achieved by possibly selling the home, then this can be done as part of the case.
Having assistance with complex property division can be essential
People who are getting a divorce need to be fully cognizant of the nuance that can exist. Even if the parties are on relatively good terms and are willing to negotiate – especially when children are involved – it is imperative to know how a marital home might be assessed and who might be allowed to reside there. The value of the home, the mortgage payments, how it will be paid for and the best interests of everyone involved will be considered if there is a possibility for unequitable distribution. Discussing the case with those experienced in family law and complicated situations can be crucial to reach a reasonable outcome.