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We’re getting divorced. What do we do with the family home?

On Behalf of | Feb 5, 2024 | Property Division

Divorce sets the ball rolling for several difficult decisions. If you have children together, you must come up with a parenting plan. Also, you must figure out how marital property will be divided per Florida’s equitable distribution laws. But what if you own a home? What do you do with it?

Figuring out what to do with the family home can be a big challenge, especially if each party is laying claim to it.

So, should you fight for the home?

From mortgage payments to home insurance, maintenance costs and (sometimes) HOA fees, home ownership can be very costly. Thus, if you are going to fight for the family home, be sure you can afford these costs. That said, here are three ways you can navigate the subject of the family home during divorce:

Either spouse can keep it – if you can afford the costs associated with owning the home and are financially capable of buying out the other party, then you can consider this option and keep the home.

You can sell it off – if the divorce is acrimonious and you cannot agree on who should keep the home, then you might as well sell it off and share the proceeds. This will also cut off any future ties with your ex regarding asset ownership.

You can co-own it as a joint asset – Sometimes, the marriage can end on very amicable terms. In this case, you may choose to co-own the home and rent it out for passive income. However, both parties must commit to sharing any costs associated with the home like maintenance and mortgage payments.

Property division can be a tricky subject, especially when emotions are involved. Find out how proper legal advice can help you safeguard your rights and interests while dividing marital property.