There are many important financial decisions Florida couples must make when they divorce. Asset division is a major part of the process, and couples who can reach an agreement have a great degree of control over how it will work. As long as the division is equitable and it is approved by the court, assets can be divided however the couple wants. The marital home is often one of the most important assets in the division process, but people should think twice before arguing to keep it.
The family home is a major asset, and it may seem like a win to be able to keep the home after divorce. There are, however, serious risks associated with keeping the property. People may find they can no longer afford upkeep on the house, and they may not be able to sell the house without serious investment in repairs first. While houses generally increase in value over time, there is the risk they will lose value due to changes in the surrounding area or the market.
Demanding the marital home may also require the spouse relinquish his or her claim on other assets. The divorce must be equitable, so keeping the entire value of the home puts a large share of assets in that spouse’s possession. This could mean relinquishing assets that have less risk and more utility, such as investments or savings accounts.
Deciding whether to keep the marital home is an important decision. A family law attorney may be able to help a person make that decision and weigh the potential benefits and consequences. The attorney may also assist in negotiating a settlement agreement. If neither party wants ownership of the home, then it will likely be sold and the proceeds divided.