How to ‘Split’ Marital Residence in Florida Divorce Mediation?
Splitting marital residence when obtaining a dissolution of marriage in the state of Florida is one of the most complicated aspects of a divorce.
Florida family law uses the term “marital residence” to refer to the home where the married couple resided together before filing for divorce. Often, the marital residence is the most valuable asset.
That is why deciding which spouse keeps the property after finalizing the divorce tends to be the most complicated decision. After all, unlike a bank account, a house cannot be “split” in half.
Still, it is possible to resolve any disputes regarding the marital residence with the help of divorce mediation by using the legal theory of “equitable distribution.” Speak with an Orlando mediation attorney if you are not sure how to divide your marital residence in divorce mediation.
Splitting Marital Residence in Florida
When looking for the right way to split the marital residence, consider these options:
- Paying for or “buying out” your spouse’s share.
- Obtaining exclusive possession of the home for a limited period of time (by the end of the specified date, you and your spouse will have to sell the house).
- Selling the house immediately to divide the proceeds.
- Offsetting the value of the marital residence by awarding other marital assets to your spouse.
In most cases, divorcing couples in Orlando and elsewhere in Florida choose the first option. In that case, you or your spouse doing the buy-out may have to take out a loan or refinance your existing mortgage.
These are also cases when both spouses continue to own the marital home after the divorce, though it is infrequent in Florida. If you are considering to continue living with your soon-to-be former wife or husband after filing for divorce, read our tips to make this decision manageable.
Regardless of the option that you choose to split marital residence, you must take all factors into consideration before agreeing to anything. For this reason, it is advised to have an Orlando mediation lawyer by your side to provide clarity and ensure equitable distribution.
How to Value the Marital Residence in Florida?
Before dividing the marital residence among the parties, it is vital to assign a value to it. You and your spouse will have to agree upon the method of valuation in order to put a dollar figure on your marital home.
The lack of agreement on the matter may trigger unnecessary disputes in the long run. In many cases, spouses assign a monetary value to their marital home on their own based on the information from local realtors and home sales in the area.
However, attempting to assign a monetary value to your marital residence can be tricky, which is why you should seek help from an Orlando divorce attorney to help you determine the actual value after considering all factors involved.
If spouses fail to agree upon the method of valuation or the worth of your marital residence, the Florida court will be the one determining its value and distributing the marital home, which is not the ideal solution because you never know what to expect from the judge.
Contact Donna Hung Law Group to discuss your options if you are attempting to “divide” marital residence in divorce mediation. Call at 407-999-0099 for a free case evaluation.