One of the most challenging aspects of any Florida divorce is dividing property. There are often items of significant value that one or both people want to retain or would like to get a share of as part of their divorce settlement.
Because the value of real estate can increase suddenly, selling it can result in disputes regarding a fair way to split it. Understanding Florida law related to credits or setoffs for the sale of a house is important to ensure a fair division.
Factors to consider with credits or setoffs after the sale of a marital home
Some people believe they will automatically receive credits or have a debt reduced through the setoff when the marital home is sold. However, this is not guaranteed. This has to be outlined in the settlement agreement, included in the judgment during a marriage dissolution or included as part of equitable distribution in the final judgment.
Settlement agreements in this situation can make it easier for everyone, but it’s not always a possibility. If no settlement agreement is possible, the court must weigh certain factors when deciding the outcome.
One factor is if one person will retain the family home. This is common if children are involved and the parents want to avoid disrupting their lives and environment more than needed.
If the person who retains ownership of the home also receives alimony, the court considers this when making a decision. The same applies to child support and the value of the property in question. The individual who does not retain ownership of the property has additional concerns that are considered.
Protecting your legal rights in property division
When it comes to possession of a house in a divorce, you must decide several things and understand the legal aspects of these decisions. Understanding your legal rights is often complicated, but it will help ensure you get a fair divorce decree.