How to Dispose of a House in a Florida Divorce
Divorce is very complex and involves numerous issues that each spouse needs to deal with. The most difficult aspect of a divorce is dividing the marital assets and debts. Of the various tasks that a divorcing couple faces when dividing their marital assets and debt, disposing the former marital residence can be one of the most complicated. While a home may be worth a lot of money and constitute the couple’s largest asset, the home is often encumbered with a mortgage, causing the division a much harder task. But with the assistance of an experienced Sarasota divorce attorney, this task can proceed more smoothly and efficiently.
You and your spouse will have four options with regard to dealing with your home and mortgage in the divorce proceeding. It is critical that you clearly understand what each of these four options entail prior to making a decision. A qualified Sarasota divorce lawyer can provide you with the necessary information you need to determine what the best choice is for you.
- Sell the house and split the profits. The primary goal for this option is to sell the property as quickly as possible for as high of a price as possible, depending on your circumstance.
- Buy the house from your spouse. Many factors must be taken into consideration for this option, such as whether you can afford it on your own salary and whether you can refinance on your own to have the mortgage solely in your name (if it was not already).
- Sell your equity in the house to your spouse. If you choose this option, it is important that you make sure you are no longer on the title. You should either check with an experienced Sarasota divorce attorney or your tax consultant to determine if there are tax implications.
- Maintain joint ownership. You may choose to delay the decision regarding the ultimate possession of the house for a specific time period, with one of you remaining as a resident.
An Experienced Sarasota Divorce Lawyer Can Help
It takes a qualified attorney to address complex property division issues in Florida. One of the top divorce attorneys in Sarasota is located at the Law Offices of Matthew Z. Martell, P.A. He will explain property division in detail and provide you with all of your options so that you can choose the best option for your circumstances.