How to Keep your House in a Divorce
How to keep your house in a divorce: Most couples have many assets that need to be divided in a divorce. It can be a complicated and frustrating experience, but very few couples have an asset more significant than their home. There are many considerations to a house, was the home brought into the marriage by one spouse? Was it bought after the wedding and is the mortgage cosigned by both spouses? Are there any other co-signers on the loan, such as a parent or other relative of one of the spouses? Can either party continue making payments on one income? Can either party
Who can help & how?
An experienced attorney can review these questions and help their clients make the best decisions for their unique situation. If the home was owned by one spouse, individual debt, coming into the marriage, it might be safe to assume that person can continue to make payments and keep the house. Under Florida community property laws, the home can be retained by the original owner unless the other spouses’ name was added to the title or the mortgage. The court may allow the original owner to keep the house but may require the other spouse be given a share of the equality they earned while their name was on the home or the loan. Only a Florida attorney, who is experienced with community property divisions can give practical advice to their client.
What to know during your divorce.
It is essential to make decisions regarding the home as quickly as possible. The payment continues to be due every month, regardless of which spouse is living in the house. If the payments are not made, the loan will default, and foreclosure preceding by the lender will result. Once the payments are in arrears, it is challenging to pay off the bank balance with interest and become current. A home is such a personal possession, as it is the center of family life. Many people make emotional decisions that aren’t practical for the reality of the situation a divorce creates. However, if one party has a desire to keep the house, then time is of the essence. Only an experienced attorney with expertise in Florida can assist their clients in making timely, and practical decisions.