Divorce can be challenging for many people, and amidst the emotional strain, the last thing separated couples want to deal with is the division of assets. If you are getting divorced, the home you live in is probably the most valuable asset you and your spouse own.
For this reason, it is important that selling your home should be the first thing on your agenda, as this can ease a lot of your problems and lead to a smooth divorce. This guide has compiled all the alternatives you can consider if you sell your home during a divorce.
Florida Family Law Regarding Divorce and Real Estate
The Florida Family Law states that there should be an equitable distribution of marital assets and liabilities among couples who are getting divorced. However, it is only applicable on marital property, which means that both parties must jointly own the house.
If your home is a separate property of one of the spouses, the law of equitable distribution will not apply. In this case, the ownership of the home will remain with the spouse who owned it before the separation.
There are some exceptions to this law, where the court may order an unequal distribution of assets. These can include economic factors, marriage duration, spouse contribution issues, or other problems that deem an equal distribution unfair.
You can choose from two main alternatives besides selling a house in the divorce. These are buying your spouse’s half or co-owning the home. In most cases, when either party can’t decide what to do with the home, the court will order the selling of the home.
How to Sell a House During Divorce?
It is good practice to understand the selling process beforehand so that you are well-prepared to tackle any ruling made by the judge.
The first thing that you need to consider is your children. If they are still minors, one of the spouses will need to stay with them until they are of legal age and graduate from high school. In this case, the court may order selling your home after your children have graduated and then dividing the proceeds between both parties.
If you don’t have children yet or all your children are already old enough and have moved out, selling your home immediately will be the most reasonable option. Getting your house financially appraised by an expert before you sell it is a good idea. It will help you estimate the amount you will receive, so you can decide beforehand how to utilize it.
Couples who have a good understanding and are willing to discuss the matter with each other can decide how they want to sell the house. If your relationship with your spouse isn’t good, you can hire a property division attorney to settle the matter. Getting the opinion and help of a third person who is not biased can make things easier.
Can Spouse Sell House Without Permission in Florida?
The state of Florida is strict in this matter. The entire situation depends on who owns the house. If the house is a marital property and is jointly owned by both spouses, the consent of both parties is necessary. Your spouse cannot legally sell the house without your signature on the contract.
When the house is owned by one party, the owner usually has the right to sell it. There are a few exceptions, though. For example, a few years ago, it was common for the husband to own the property, which was unfair to the wife when assets were divided during a divorce.
To overcome this issue, a law was passed that protected the wife’s rights by providing her with veto power if the house was sold. Today, this right is extended to both spouses if one has complete ownership of the house. It is called the Homestead Property.
This law does not apply to all couples, and several factors need to be considered when devising a divorce settlement. To ensure your rights are protected, you should hire an expert attorney who can guide you well.
What if I Want to Keep the Home?
You should purchase the home if you are financially strong enough to pay the mortgage. However, some people have an emotional attachment to their homes and do not want to sell them, especially if they have lived there for several years.
However, if you are only holding onto the home for emotional reasons and don’t have sufficient funds to manage the mortgage and taxes, keeping the home may not be a good idea. Make sure you are evaluating all aspects before you decide anything.
Why Choose 3-Step Home Buyer to Sell Your Florida Home During Divorce?
Even after all the other matters are settled, finding a seller for your jointly-owned home in Florida is not always easy. The good news is that 3-Step Home Buyer is here to help you with any issues you face when selling your home during a divorce.
All you need to do is tell us about your home and mention your desired rates, and we will find the best possible deal for you. Let us do all the hard work and find you a large number of bidders at your desired market rate. Once you receive an offer that satisfies you, you can close the deal.
3-Step Home Buyer is happy to assist you during emotionally challenging and stressful times like getting a divorce.