One of the most contentious matters during divorce proceedings is property division. In Florida, marital property is divided on the basis of equitable distribution. This means that property will be allocated in a manner that is fair to all parties.
This may sound easy, but settling a divorce in an equitable manner can actually present numerous challenges. For most couples, their family home will be the most substantial asset they own. Thus, whether or not you intend to keep it, it needs to form part of your divorce negotiations. If you do decide to keep it, what are the potential benefits?
Stability for the children
If you have children, then stability is something that will benefit them. The divorce process can be tumultuous in itself, even if the process remains amicable. By ensuring the children that they will not have to move out, change schools and start over, you can offer them stability which will help them to cope with the separation.
As stated, the family home will usually be your most significant asset, at least in terms of finances. Financial security is definitely something you’re going to need to consider moving forward. Can you afford to let the home go? Is there an alternative arrangement that could involve downsizing and keeping a share of the sales profits?
Your family home will also be a key component of your estate plan. By having the power to leave it to your children as an inheritance, you offer them a place to stay for life. Or, they can opt to sell it and live more comfortably, providing for their own children.
It can be difficult to know what to do for the best during a divorce. Having legal guidance on your side will make seemingly tough decisions much easier.