When couples decide to split up, one of the major issues they usually need to address is the family home. As some couples in Florida will discover, the decision is not always easy; often, there is a lot of emotional connection to the home, particularly when the couple has children or brought up their children in it. There are options on what couples can do with the home during the divorce, but in the end, the decision will need to be made by putting emotions aside and focusing on the financial aspects.
What can couples do with the home during a divorce?
There are several options for dealing with the home when two people have decided to dissolve their union. These options include:
- One spouse buying out the other spouse’s interest in the home
- One spouse exchanging their share of the home for another asset during the division of property
- Both spouses continuing to own the home, even if one will live in it, with the agreement to sell later
- Both spouses agreeing to sell the home, pay off any remaining mortgage and fees and then split any proceeds
Selling the family home during the divorce process
If the couple decides that they want to sell the family home and split the proceeds during the divorce process, they need to first understand that this might extend the time it takes to finalize the divorce. In addition, they will need to work together in making decisions, from how much they are willing to spend to get the home ready to sell to whether they will accept a buyer’s offer.
Working together as the marriage ends might be challenging, but a lot of the issues related to the family home might be addressed and resolved in mediation. Once this major area of the divorce is taken care of, both people can move forward in their new lives.