For Florida former couples going through a divorce, determining whether to keep or sell the family home may be one of the biggest decisions they will have to make. Before making their decision, however, there are several issues that they will need to consider.
The former couple should determine how much equity the family home has. This issue can be particularly important as, in many cases, one party will have to sign a quit claim deed if the other party decides to keep the home. Signing a quit claim deed removes that party's interest from the home should the other party decide to sell. However, it does not remove that party's legal obligation should the other party default on the loan. Should the person who keeps the family home be unable to make the payments, both parties' credit can be affected. This could prevent both individuals from being able to purchase their next homes.
To avoid potential problems with keeping the family home, it is recommended that the person keeping the house obtain a new mortgage. Further, the former couple should have the property re-inspected and re-appraised to ensure that neither party is being taken advantage of. Finally, both parties should determine what tax consequences they may have to deal with as a result of not selling the home.
Going through a divorce for many couples can be extremely difficult, especially if they have amassed a number of marital assets, such as the family home. A family law attorney may assist with the division of assets to help ensure that a former spouse obtains a fair share of the assets he or she helped obtain during the marriage. For example, the attorney may assist with negotiating with the other party if the former spouse wants to keep or sell the family home.