When you and your partner splitting up and you own a home together; it can be a complicated legal matter to fairly split up a house. Thankfully, with the help of skilled divorce lawyers in Pasco County, FL, it is possible to move forward toward the best possible outcome.
After the property value has been assessed, there are a few options from which to choose. Your attorney will assist you in selecting the option that best suits your unique situation. The options include:
Giving the Property to the Primary Caregiver – If you and your partner have children, it can be a more manageable situation for them to give the home—if it is financially feasible—to the partner with primary custody. This helps your children stay in their current school, stay close to their friends, and not have to go through the complicated moving process.
Buy-Out – One of the spouses can offer to buy the other one out of the home. A spouse’s equitable share is usually 50% of the assessed value. This will be what needs to be paid by the spouse who keeps the home.
Sell the Home – If a couple cannot come to an agreement, the best option will be to sell the home and split the profits. This ensures that there is a fair split on the house.
It is important to remember that if one spouse keeps the house, mortgage issues could arise. This usually requires refinancing the home under the name of the person who is keeping it. Refinancing, however, is not always an option. An attorney will assist you in these situations to ensure that the spouse who is not keeping the house is properly removed from the mortgage.