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For most couples, one of the assets that have the most value to them is their marital home. When couples get a divorce, they often have to determine who gets what after the divorce. This means, figuring out what to do with their marital residence becomes a primary factor to consider. A few of the options the divorcing spouses can have on their marital property include:
- Agreeing to sell the property.
- See if one spouse can buy the other spouse out.
- Refinance to access the equity.
Agreeing to sell the property together:
The most common way for divorcing couples to deal with their real property is by deciding on selling their home and dividing the finances acquired from the property. In cases where the majority of the net worth for the couple is in their home equity, using this conventional method is the fairest way of dealing with property. A divorcing couple generally divides the cost acquired through selling the residence. This is done either by one of the spouses reimbursing the other after selling the property, or by reimbursing the spouse who makes sales proceeds costs. When couples decide to sell their home in this way, one of the spouses may stay in the house while it’s being marketed. Once the house is sold, the divorcing couple can then divide the costs of the sale after all the expenses have been paid. This way the couple can be sure they are both receiving an equal amount.
Buying the other spouse out of the home:
In other cases, a spouse might be able to buy the other spouse’s share of the house and stay in that residence. This is typically done if one of the spouses feels their home has a more sentimental value and decides to reside there. This can be done in a way where half the value of the home is be paid to the other spouse where the other spouse can then sign a quitclaim deed which grants full ownership of the house to the spouse buying the other spouse out. An alternative for this method would be if one of the spouses decides to leave the residence, he/she has a chance on receiving a larger share of the other assets. This includes assets such as retirement accounts.
Refinance to access the equity:
In some cases, the spouse who remains in the home may be able to refinance the home. In this case, he/she may pull out some of the equity to pay the share of the spouse moving out. Sometimes, the divorcing spouse may seek to attain the property to ensure the children are able to stay in the same home for their minor children. This is often the best option.
If one of the spouses is buying out the other spouse’s interest in the residence, he/she would definitely want to get an appraisal done to determine the equity amount in the home at the buyout time.
If you’re unsure about what to do and how to handle the finances and other legal procedures of property division during your divorce, adequate and affordable divorce lawyers Orlando can be sought. One of the best Family Law Firms in Orlando is known to be The Law Office of Erin Morse. Through skilled, professional, and experienced attorneys, clients can ensure their cases would settle and go in the right direction. Contact The Erin Morse Firm for a consultation now!