Divorce can be an emotionally charged and complex process, particularly when it comes to dividing assets. One of the most significant and contentious issues is determining who gets to keep the house. Please continue reading and reach out to our dedicated Tampa property division lawyers to learn about how courts in Florida determine which spouse gets to keep the house in a divorce. Here are some of the questions you may have:
How Is Marital Property Defined in Terms of Divorce in Florida?
In Florida, marital property includes all assets and debts acquired during the marriage, regardless of whose name is on the title. This means that even if the house is in one spouse’s name, it could still be considered marital property. Exceptions to this rule include assets acquired before the marriage or those received as a gift or inheritance, provided they have not been commingled with marital assets.
The court considers several factors when determining how to divide marital property. These factors include the length of the marriage, each spouse’s economic circumstances, contributions to the marriage (both financial and non-financial), and any interruptions in personal careers or educational opportunities.
What Factors Influence Who Gets the House?
Several factors influence the court’s decision on who gets the house in a Florida divorce. The primary consideration is whether the house is considered marital property. If it is, the court will then look at various aspects of the marriage and each spouse’s circumstances.
One significant factor is the welfare of any minor children involved. If one spouse is granted primary custody of the children, the court may decide it is in the children’s best interest to remain in the family home. Stability and continuity are often deemed paramount for children’s well-being during the upheaval of divorce.
Economic factors also play a significant role in determining who gets to keep the house in a divorce. The court will examine each spouse’s financial situation, including their ability to maintain the house. This includes looking at income, debts, and earning potential. If one spouse is in a much stronger financial position, they may be awarded the house, provided they can afford to maintain it without causing undue financial strain.
Can the House Be Sold and Proceeds Divided?
In many cases, selling the house and dividing the proceeds is a practical solution, as this option allows both parties to walk away with a fair share of the asset without the burden of maintaining the property. However, selling the house is not always straightforward. The real estate market, the condition of the house, and each spouse’s willingness to cooperate can potentially complicate this process.
Before the house can be sold, both parties must agree on various aspects, including the listing price, the choice of real estate agent, and how the proceeds will be divided. If the spouses cannot agree, the court may step in and make these decisions.
In some cases, one spouse may choose to buy out the other’s interest in the house. This involves refinancing the mortgage in one spouse’s name and paying the other spouse their share of the equity. This option can be complex and requires careful consideration of each party’s financial situation.
If you have further questions or require the assistance of a team of competent Tampa divorce attorneys, please don’t hesitate to contact Tampa Law Group today.