For many Florida residents, deciding what to do with the family home is a major focus of their divorce process. In some cases, one party wants to retain the home, while the other wants to sell the property and move on. This can be a major sticking point in divorce property division negotiations, and many spouses wonder what their options are.
It is hard to argue that selling the home and dividing the proceeds is the most financially advisable solution for all involved. However, if the local real estate market is not thriving, this may not be an option. If a couple cannot sell their home, their options become limited. Some will choose to go through a short sale and will accept less than what is owed on the home. That option can leave both parties with a considerable dent in their credit scores.
Another option is for both parties to move out of the home and put it up for rent. That can serve to maintain some cash flow from the property while waiting for the market to improve. However, acting as co-landlords can be difficult for newly divorced spouses, as a high degree of cooperation is required.
Deciding how to handle the family home during divorce and property division can be a challenge, especially when one party wants to keep the home and the other wants to sell. It is important for Florida spouses to understand that there are a number of options available. Finding a solution is possible with a degree of collaboration and effort.
Source: TIME, "What Happens to Your Mortgage in a Divorce", Ashley Eneriz, March 29, 2016