North Tampa Legal Group, PA

Determining whether or not to keep the house in a divorce

On behalf of North Tampa Legal Group posted in property division on Friday, August 12, 2016.

Often, when Florida couples divorce, determining what to do about the marital home is a major issue. In some marriages, the house may be the largest asset that the couple owns. People who have the possibility of remaining in the home may wonder whether it’s a good idea to do so or if they should instead sell it.

People should remember that when they divorce, they will no longer be able to rely on the incomes of their former spouses. It is smart to determine whether or not the marital home is affordable for the person who remains based on his or her income alone. If the home is large and the children have moved out, it might be difficult to afford the utilities, and the additional space may simply be unneeded.

When people who are divorcing decide to sell their marital homes, they will need to split the proceeds from the sales with their former spouses. Doing so may allow them to then move forward with the proceeds and purchase a home more in line with their income as a single person, potentially freeing them from something that could otherwise be burdensome.

Property division in a divorce can be quite complicated, especially when a couple has been married a long time. The property will first be divided into non-marital property and marital property. Marital property will be divided between the spouses while non-marital property will remain solely with the person who owns it. People who have questions about property division in their own divorce cases might want to get the advice of a family law attorney.