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How to assess whether or not you should keep a home in a divorce

Florida couples that are either contemplating or in the midst of a divorce must face a variety of very difficult decisions. Divorce issues are many and cover everything from living arrangements for minor children, child support, visitation plans, property division, spousal support and more. A high asset divorce can make any situation a more complicated divorce by increasing the number of assets to be divided.

No matter the overall value of a couple’s asset set, the marital home is often one of the largest and primary assets that ends up being divided between the two spouses. In such cases, one of two things typically occurs—either the house is sold and proceeds are distributed as part of the overall divorce settlement or one spouse essentially buys the other out so that ownership is retained by one party. This process can be achieved by factoring the distribution of other assets and liabilities in the final settlement.

If one party wishes to keep a house after a divorce, it is important to first ascertain whether or not that spouse will have the financial ability to maintain the home going forward. It must also be determined if that spouse will be able to pay in some fashion the other spouse his or her appropriate portion of the asset. Finally, both parties must agree upon the ultimate value of the home that will be used to determine many other components of the settlement or accept the court’s valuation.

Such complexities and decisions illustrate the level of challenge that can arise during a divorce. Add to all of this the emotional aspect of dissolution and it is easy to see how obtaining external legal advice may be helpful to anyone going through a divorce.

Source: Huffington Post, “What to Do With Your House in a Divorce Case,” Christian Denmon, December 9, 2013

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