Divorce can have serious implications for your financial well-being. This means that there can be a lot at stake when you enter into the property division process. Making matters even more complicated are the emotions that are often tied up in these matters, as well as attachments to certain pieces of property. This includes the family home. But is fighting to keep the residence you built a life with worth fighting for?
It depends on what you want for your future. However, there are a limited number of options, including these:
- Sell the home: This is the most popular option. Here, you and your spouse simply agree to sell the home and split the proceeds in an equitable way. Just make sure you have an appropriate valuation of your home before putting it on the market.
- Buyout your spouse: If you really want to keep the home, consider buying your spouse’s half of the residence. This can require a lot of cash upfront, but you also might be able to negotiate other assets in exchange for your spouse’s half of the home. You just need to be aware that you’re going to be solely responsible for the mortgage and upkeep, which might be challenging if you’re losing your spouse’s income.
- Sell your half to your spouse: This might be a good option for you if you down want to be tethered down to a house that is more than you can afford. Be careful in how you negotiate this, though, as you don’t want to be taken advantage of by your spouse.
- Keep joint ownership: This option is a little unconventional, but it might work for you if you have an amicable relationship with your soon-to-be ex-spouse. Here, you continue to co-own the residence, sharing in the expenses. This option allows you to build more equity and maybe even provide more stability to your children. Of course, unless you and your ex-spouse continue to live together, you’ll still need to secure a new residence, which can be quite burdensome post-divorce.
Successful divorces that set people on the right financial track require attention to detail, skilled negotiation, and fearlessness when it comes to litigation. This is why many Floridians turn to competent family law attorneys for help drafting a strategy that works for them.