Should I Move Out of the House if I Am Getting Divorced?
When one or both spouses decide to file for divorce in the state of Florida, one common immediate question always concerns the marital residence. More specifically, a spouse will often wonder if he or she should stay in the marital home, or move out and leave the home to his or her spouse. This can be a critical question, particularly if the marital home is the most valuable asset in the marriage, which is often the case. Unfortunately, the answer to this question is not always straightforward, and it greatly depends upon the facts and circumstances surrounding your Florida divorce case.
Division of Property and the Marital Home
Assuming that the parties bought the marital residence during their marriage, the home is a marital asset that is subject to division in divorce. Its value is included along with any other marital assets, to be divided in an equitable manner between the parties. However, any debt secured by the residence, such as a mortgage, also is subject to division in the divorce. Depending on the value of the home, the balance of the mortgage, and the real estate market, the home may have a significant value, or it may be completely worthless or underwater due to the amount of the mortgage. It all depends on your particular situation.
Moving Out of the Home
Many people worry that if they move out of the home while the divorce is pending, then they will have abandoned the home and any financial interest that they are entitled to in terms of its value. This is simply not the case. If you and your spouse have equity in the home, then that equity is subject to division in the divorce, whether you have moved out of the home or not.
Another consideration in deciding whether to move out of the marital residence is the presence of any minor children that you share with spouse. In many cases, the spouse who has the majority of time-sharing with the children will keep the home, simply because it offers stability to the children. The spouses may agree that the one spouse and children will remain in the home until the youngest child turns 18 or graduates from high school, and then the house will be sold and the profits divided between the parties. Alternatively, if neither spouse can afford to maintain the home on his or her own, then it may be necessary to sell the home outright during the divorce and divide any proceeds from the sale.
Contact Vanessa L. Prieto, Your Florida Divorce Lawyer, for Assistance Today
Even in the best of situations, divorces are rarely easy or uncomplicated. In many cases, the marital home is a significant asset whose disposition will have major implications for your financial future. Don’t allow your rights to be compromised because you haven’t gotten the advice that you need. Instead, get the skilled legal representation that you need in order to successfully resolve your divorce case. Contact Fort Lauderdale divorce attorney Vanessa L. Prieto today and set up a consultation with us about your divorce case.