What to Do With Your Home During the Divorce?

In Florida, when divorcing couples are dealing with real estate, several key legal concepts and statutes come into play.  It is important to note that each divorce case is unique, and consulting with a legal professional – including a residential real estate lawyer in FL – is essential for tailored advice.

Is Your Home Marital Property or Not?

If a married couple jointly purchases a home, this form of joint ownership implies that both spouses have an equal interest in the property. Upon divorce, such property is generally presumed to be marital property and is subject to equitable distribution unless proven otherwise.

In Florida, under the principle of “equitable distribution” for marital property, which includes real estate property, the court aims to divide property fairly between both parties. Though not necessarily equally, factors like the length of the marriage, the economic circumstances of each party, and contributions to the marriage are considered when deciding what to do to their home.

When dealing with a home that is considered marital property in a divorce, there are several options available:

• Selling and Dividing the Proceeds: This is a common solution where the home is sold and the proceeds from the sale are divided between the spouses. This option is often chosen when neither spouse can afford to maintain the home on their own, or when both parties want to start fresh​.
• One Spouse Buys Out the Other: In this scenario, one spouse pays the other for their share of the home. This option is viable if one spouse wishes to keep the house and can afford to buy out the other’s share​.
• Co-Ownership: Sometimes, ex-spouses choose to retain joint ownership of the home. This is more common when children are involved and the parents wish to maintain a stable living environment.
• Legal Partition Action: If the spouses cannot agree on what to do with the home, one spouse can file a partition action in court. The court can order the home’s sale and divide the proceeds between the spouses. This is a less common approach and is typically used as a last resort when no agreement can be reached.
• Deferred Sale or Buyout: In some cases, the spouses may agree to delay the sale or buyout of the home. For instance, they might decide to sell the house when the children reach a certain age or when the market conditions are more favorable.

If your home was purchased before marriage, it might be considered separate property. However, if marital funds were used for improvements or the property generated income during the marriage, it could be classified as marital property.

Do You Need a Real Estate Lawyer?

During a divorce that involves real estate in Florida, such as a family home or investment properties, it is highly advisable to engage real estate lawyers in Orlando. This is especially important when the division of real estate is complex or contested.

Deciding who gets the house or how to divide investment properties can be complicated, and a real estate lawyer can offer invaluable assistance in navigating these complexities. A residential real estate lawyer in FL can assist in differentiating between marital and separate real estate and guide how to handle the division of these assets.

Having a real estate lawyer is a wise decision if you are dealing with real estate in a divorce situation. At Nishad Khan, P.L., our real estate lawyers in Orlando can provide the necessary legal actions to navigate the intricate process of deciding what to do with real estate property, like your home, during your divorce. Contact us today to get started with your consultation.