What happens to the family home in divorce?

The family home is often the most significant possession married couples share. Divorce may leave people wondering what happens to their house.

Since Florida is an equitable property state, the home is a joint marital asset that couples must share. Divorcing spouses have various options when deciding how to split the asset.

Sell the home and split the profits

The fastest way to split the asset is to sell the property and split the profits. This requires both spouses and the family to move out of the house and into their own homes. While this is a fast and easy way to split profits, moving can be challenging when couples have children.

Buy out the other spouse

If one spouse wants to keep the home, or both agree that one should remain in the house for the best interest of their children, that spouse can buy the home from the other spouse. Once the courts determine the home’s value, the spouse that remains in the residence can pay the other spouse the rightful share of the equity.

Exchange assets for the house

If one spouse wants the home but does not have the cash to make that payment, that person can exchange other assets that equal the house’s value. For example, if one spouse wants the marital car collection while the other wants the residence, the courts may allow this exchange if the value of the various assets is similar.

Leaving the family home can cause contention during a divorce. If couples cannot agree on how to proceed with the property division, the courts can decide for them.