By the time a Coral Springs couple decides to get a divorce, they have gone through a long and arduous process to get to this point. A divorce is a stressful and traumatic time for a person and one of the more complicated parts of it is the property division portion. A family home is a major part of a couple’s wealth and what happens to it in a divorce settlement is important.
There are several options as to what a couple can do with their family home including:
- Sell the home. Most couples decide to sell the family home and split the proceeds. The couple would need to decide what should be fixed up in the home to sell and how much to sell the home for.
- Buy out the other party. One spouse may choose to buy out the other spouse’s share in the home. The spouse will then need to refinance the mortgage into their own name.
- Divide large assets. A couple may choose to divide up large assets that are worth roughly the same amount. For example, a couple may have their family home, vacation home, large investment portfolio, etc.
- Co-own the family home. A couple may choose to keep the family home with one spouse living in it for a specified amount of time. Usually this is until the children graduate from high school or some other agreed upon event. Once the occasion occurs, the couple will sell the home and split the proceeds.
A Coral Springs couple has many things they need to work through in their divorce settlement. Having a legal professional who is skilled in family law on their side is important. An attorney can explain how the divorce process works and help their client through the process and make sure their future is protected.