Florida couples who are ending their marriage must weigh decisions carefully during the process to ensure that they do not make mistakes with far-reaching consequences. One major decision that they must make regards the family home.
A attorney is often contacted to help provide recommendations based on particular circumstances. Many individuals have an emotional attachment to a family home, especially if they have lived there a long time or raised their children there. They may lobby for the family home, offering the other spouse assets of a similar value as their share in the home. However, keeping the home may not always be the most practical option. For example, the home may be over-sized now that children have moved out. The spouse who wants the home may not be able to make the mortgage payment with less available funds. He or she may not be able to pay the upkeep, taxes and insurance. Alternatively, keeping the home may entitle the other spouse to a greater share of the remaining marital assets to compensate him or her for the appropriate share of the home.
Decisions regarding the family home must be made in conjunction with decisions related to other marital assets such as retirement accounts. The family home is often a bargaining chip during the process of divorce. However, in many situations, the most practical option for dealing with a family home is selling the property and splitting the profit.
Individuals who would like to learn more about their options regarding property obtained during the marriage may choose to consult with a attorney. Legal counsel may make recommendations after assessing the client’s particular circumstances and provide information regarding the advantages and disadvantages of each potential option.