Dividing Your Vacation Home or Condo in a Fort Lauderdale Divorce
For married couples, owning a vacation home or condo in Fort Lauderdale is a smart investment and can provide years of enjoyment for their family. However, if the marriage ends, it can also complicate Broward County divorce proceedings.
Our experienced Fort Lauderdale divorce lawyer provides trusted, local legal guidance to clients throughout Broward County in these cases. Find out factors to consider when dividing a vacation property and the options available.
Factors to Consider When Dividing a Fort Lauderdale Vacation Home
Between sunny days, miles of sandy beaches, and easy access for boaters, Fort Lauderdale is a favorite location for couples to buy a vacation home. Whether you enjoy spending your winter months in the Sunshine State or are a year-round resident, it’s important to understand how Florida law applies in a divorce.
Under the Florida Statutes, you must live here a minimum of six months to file for a divorce in Fort Lauderdale; otherwise, your vacation property is likely subject to the laws in the state you usually live in. If you are a full-time resident, a vacation home is subject to equitable division under Florida Statutes Section 61.075, but only if it’s marital rather than premarital property.
Other factors to consider when dividing a vacation home in a Fort Lauderdale divorce include:
- The amount each party contributed to maintaining the home.
- The total current value of the property.
- Whether it generates rental income for one or both spouses.
- Whether either party wants to keep the vacation home.
- The total amount of other property and assets in the case.
Finding out the home’s current market value, any outstanding mortgage amounts, and whether there are other debts tied to the property is a top priority.
Your Options For Dividing a Vacation Home in a Fort Lauderdale Divorce
Marital property gets divided fairly in a Fort Lauderdale divorce. When it comes to a vacation home, your options generally include:
- Sell the home and divide the proceeds.
- If one of you wants to keep the property, they can remortgage the home or otherwise buy out the other spouse.
- A spouse who wants to keep a vacation home may negotiate an arrangement, trading their share in other assets.
- In some cases, former spouses may agree to keep the property jointly, although this creates ongoing financial and personal complications.
If you’re considering keeping the home, carefully calculate any mortgage, taxes, maintenance, and other costs to ensure it stays within your post-divorce budget.
Questions About Marital Property? Contact Our Experienced Fort Lauderdale Divorce Lawyer
Equitable division is rarely easy in a Fort Lauderdale divorce, and a vacation property can further complicate the process. At Vanessa L. Prieto Law Offices, LLC, we protect the rights of clients throughout Broward County, explaining their options and helping them get the best possible divorce settlement.
Whether you have questions about a vacation home or other marital property, our experienced Fort Lauderdale divorce lawyer is here to help. Contact our office today to request a consultation.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.021.html
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0000-0099/0061/Sections/0061.075.html
