Who Gets the House?
Category: Divorce , Family Law
- 29 Oct 2020
- Posted By admin
When it comes to divorce, the question posed in the title of the article is probably one of the most common. Who gets the house? And it is the top question for a good reason. A house is a valuable asset financially and it provides your actual living space. There are several factors that go into deciding who gets the house.
Florida
Florida law operates under the law of “equitable distribution”. Property belongs to the individual who earned it. Some items, like houses, are considered mutual property and are considered to be owned evenly.
Kids
Much of it depends on how the custody arrangement is worked out. If one of the parents has a larger share of custody, then they usually get the house. Remember, in a divorce involving children, the kids comes first. The house is their domicile and it may also have emotional attachments for them.
For Sale
There are other options if both sides want a clean break and to move on, especially if there are no kids involved. A divorcing pair can put their house up for sale. They can then split the proceeds and move forward.
Buyout
One partner can offer to buy the other out should they feel co inclined. A financial offer to relinquish their half of the ownership of the home usually goes well, especially if the offer is consistent with market value.
Co-Ownership
Sometimes a divorcing couple will continue to own the house together, even after the divorce is final. They essentially keep a business relationship with their former spouse and further down the road split any proceeds from renting or selling the house.
