The Pros and Cons of Getting the House in a Divorce
One of the biggest issues that a couple grapples with during a Florida divorce case is who will get the house after the divorce is finalized. For most people, there are pros and cons to getting the primary residence in a divorce, and it is important to speak with your attorney before deciding whether you wish to get the house in your divorce case. At the Law Offices of David L. Hirschberg in Boca Raton, our team of experienced legal professionals are here to help walk through your options and provide the best legal representation for your Florida divorce case.
Pros of Getting the House
There are many pros to getting the house in your divorce. First and foremost is the stability in staying in the same house for you and any children. This can be beneficial to the psychological and emotional wellbeing of you and your loved ones as well as minimizing any additional disruptions on top of navigating the divorce process. Getting the primary residence also provides you with a significant asset after the divorce and equity.
Cons of Getting the House
However, there can be substantial drawbacks to getting the primary residence in your Florida divorce. It is critical that you collaborate with your divorce attorney, accountant, and financial advisors to ensure that you can handle the costs associated with your house after the divorce. Making sure that you can pay the mortgage is typically the most common concern, but there are other costs to consider. Can you pay the property taxes on the home? Can you afford the monthly utility bills? Do you have enough to cover unexpected costs like a plumber, electrician, or exterminator? All of these costs must be considered when determining whether you want the home in your divorce case, and an experienced lawyer can help. Finally, many times, a pre-requisite of retaining the house is also to refinance the existing mortgage out of the name of the former spouse. Will you qualify, and if so, will you be able to afford the new payment?
When spouses cannot agree on who should get the house, or when it does not make sense for either spouse to keep the house on their own, there are other options in a Florida divorce. The most common of these options is to sell the house and split the proceeds between the spouses equitably. Another option is to rent the house in its entirety or a portion of the house, depending on the setup of the home. Airbnb, VRBO, and other rental websites provide more options than ever to find ways to afford holding on to your home after a divorce. It is important to speak with your attorney and financial advisor about all of your options when it comes to the primary residence in a Florida divorce case.
Talk to Our Office Now
If you would like to speak with an experienced Boca Raton divorce attorney about your legal options regarding the primary home in your divorce case, contact the Law Offices of David L. Hirschberg to schedule a free consultation with our team.