Property division and home ownership
When two people are in a committed relationship, they may start thinking about what will change if they eventually decide to get married. They focus on all of the positive things that will happen, like having children or buying a house. They may not think of some of the challenging events that many couples often experience, which can make it difficult for some to reach their goals.
Some of these marriages will be unable to rise above the difficulties that they are having, and decide that it is best to end the marriage. During the divorce process, it will be necessary for the parties to come to an agreement on several issues before the divorce can be finalized.
In Florida, one of the issues that many couples have problems with concerns the marital home. In the past, the home was one item of property that both spouses wanted to keep after the marriage was over, leading to lengthy disputes about who would be allowed to stay in the house.
However, this is no longer the case in many recent divorces. Couples who own a home are frequently trapped in underwater mortgages, and owe much more than their homes are currently worth, leading to many different possible options that need to be considered.
The spouses may decide to sell the home, but this could lead to additional problems if the amount they receive is less than the outstanding mortgage debt. The couple could still be responsible for this debt, unless they have made prior arrangements with their mortgage holders. One spouse may decide to keep the home, and buy out or rent the home from the other spouse, until home values rebound.
No matter what the spouses decide to do, it is important that they both are aware of some of the financial changes that will happen after the divorce. Many spouses each contribute financially to the family budget. Once they decide to divorce, there will be less money to work with each month. Couples need to keep this in mind while they are deciding what to do with the marital home.
If you are experiencing problems with your marriage and are considering filing for a divorce, speak to a knowledgeable family law attorney about the options available to you. It is important to work with someone who understands the process, and can ensure that your needs are addressed.
Each divorce will be different, and you should have someone on your side that can protect your interests. You may feel that the sooner you resolve this matter the better, but the decisions that you make at this time can be impossible to reverse. By taking this time to carefully review the decisions that you need to make, you can allow yourself to be in a much better place after the divorce is final.