By the time a St. Petersburg area resident decides that their marriage is going to end in divorce, they often have already been through a lot of difficulty. The divorce process can also be a complicated affair with many contentious issues. One issue that many couples argue over is what to do with the family home. There are many ways the family home can be divided in a Florida divorce.
When a couple needs to decide what to do with their family home in a divorce situation, they can have many options. These may include:
- Sell the home. Most couples decide to sell the family home and then split the proceeds. In this situation a couple would need to decide what repairs and updates would need to be done to the home before the sale and what the list price should be.
- Buy out the other spouse. One spouse may choose to buy out the other spouse’s share of the home. They would then need to refinance the house in their own name.
- Divide large assets. If a couple has multiple large assets such as a vacation home, family home, or large stock portfolio they may choose to divvy up the assets with each person taking ownership of assets that are worth mostly the same amount.
- Co-own the home. In this scenario a couple may choose to keep the home with one of them living it for a set amount of time, such as when the youngest child graduates from high school. This can help make the divorce easier on the children by keeping them in their family home, their neighborhood and their school.
A legal professional who is skilled in Florida family law can help their client understand their options in a divorce and help protect their future.