One of the biggest points of contention in many Florida divorces is who will end up with the family home. The decision to keep or sell the house can have major financial and emotional consequences. Here are some tips for deciding what to do with the marital home when getting divorced.
A primer on dealing with the family home
Couples getting divorced can deal with their family home in one of three ways. The first option is for them to keep the house together. This can be risky since it involves co-owning real estate with an ex-spouse, which may lead to conflict.
The second option is for one spouse to buy out the other party. This is possible if the spouse who wishes to keep the home can afford to do this. It is typically the best scenario, particularly for families with young children, as the children can stay in their family home and enjoy the stability and security this familiar place affords long term. The third option is to sell the house and split the proceeds. This is a relatively safe option but can be expensive for couples who wish to update the home before placing it on the market.
How an estate planning attorney can help
Navigating estate planning can be daunting, especially for individuals with many assets or high-value property. Fortunately, an estate planning attorney in Florida can help an individual who owns assets create a well-thought-out estate plan that addresses the distribution of non-probate property and assets that must go through probate, such as real estate and heirlooms. The attorney will strive to ensure that the individual’s wishes and his or her loved ones’ best interests are upheld during each phase of the estate planning process.