Floridians work hard to build a family and a life together. Part of that is getting a good job or starting a business and purchasing a home. However, when the marriage fails and people decide to divorce, the division of property can be a complex part of the case. This is especially true when the property includes the marital home. Understanding state law as to how property will be divided in a divorce can be difficult and it is useful to have experienced assistance to achieve a positive outcome.
How the court determines what happens with marital property in Florida
A marital home could have been acquired in many ways. One spouse could have owned it prior to the marriage. This will play a vital role in deciding who gets to retain it. It could have been purchased together meaning both contributed to its down payment, the mortgage, improvements, maintenance and repairs.
Among the factors that are considered are how much each party contributed; the economic situation; how long they were married; if one party interrupted their education and career to help the other with theirs; how desirable the asset is; and if there are children and the parent who will be granted custody wants to keep the home to achieve a smooth transition.
In some cases, one spouse will simply buy out the other to keep the home. Because real estate tends to increase in value, the price will be a major concern. The income, ability to earn, how much alimony will be paid, child support and other factors will be considered when deciding how to split property of this magnitude. In a divorce where the parties are on decent terms, it might be easier to come to a settlement than it would be in cases where there is discord and hard feelings.
During a divorce, it is wise to be protected by experienced professionals
People who are established in their life and were not expecting such an upheaval might be overwhelmed. Those who are getting divorced are dealing with a litany of personal, emotional, professional and financial challenges. It is imperative to have professional advice throughout the process. This can be beneficial to finding effective solutions.
Regarding property division, perhaps the sides can negotiate a way to deal with their home avoiding rancor. Or it might be necessary to go to court. Regardless, to achieve an effective result, consulting with qualified and caring professionals is key from the start.