November 20, 2020
When a divorce is inevitable, you will probably face all sorts of questions, such as “What comes after?” and “What will happen to me?” Questions like these will fill your mind, revolving around your well-being now and your future.
That said, one of the most frequently asked questions after a divorce is, “Who owns what? It can involve anything from the real estate you have and the assets you accumulated together even the pets. Some of these assets you may have owned before the marriage, while others you may have acquired afterwards.
In this article, we will tackle this question, mainly focusing on real estate, and help you understand who should own what after the divorce.
Real Estate and Divorce in Florida
Of all the things you may own, real estate may well be the most valuable asset you have. Ownership of real estate is especially common after marriage, where both partners help to purchase a home together.
Unfortunately, when it comes to divorce, dividing real estate presents a severe challenge. That is because, with a divorce, partners typically will no longer stay together in the same property. However, if both want to hold ownership of the real estate, conflicts and problems will arise.
In Florida, real estate, along with other types of assets (and liabilities), are divided in various ways. The Court can leave both parties as equal owners and equally obligated on the mortgage, or if there are children, the Court can award the custodial parent exclusive use of the home but leave the ownership as joint and equal. The Court will also put many other factors into consideration. For instance, they will review the incomes of both parties, what needs both parties may have, how many children are present in the marriage, and so on. The list can go on and on, depending on the case. Regardless, the court will carefully consider these various aspects to ensure a fair division.
There are some cases where the court, doing their best to create a fair and equal division of post-marital assets, will maintain discretion over what will happen in the end. For example, if you have children, the court would do whatever it takes to ensure your children will enjoy a life of safety and consistency. In such a case, the parent whop has custody of the children gets possession of the home to take care of their kids.
However, such a solution will only be possible if the youngest child has not yet graduated from high school. Beyond this timeframe, the home will likely be sold, and the money earned will be divided between both parents.
That said, selling the property will ultimately depend on both partners and how they come into agreement. For example, if both parties agree to selling the home and dividing the money, that will be the likeliest scenario. Both parties can also agree to give ownership of the house to one parent along with the responsibility to pay the debt on the home.
Divorce can be a trying time for any family. With so many challenges to overcome, one can easily be overwhelmed with the things they have to do, not to mention the emotional hurdles they need to tackle as well.
Division of property and any other assets or liabilities can be extremely complex, taking weeks, months or even years to settle. To ensure that you enjoy a smooth and fair divorce proceeding, we always recommend working with an expert divorce attorney. They will guide you through the different aspects of the divorce to help you understand what is going on, what will happen, and what you can do to reach a fair decision.
We offer attorney services for divorce, criminal, DUI and more. If you are looking for a divorce lawyer in Jacksonville, contact us today.