Many factors go into determining property division agreements during a divorce. For example, for many people, a marital home is one of their biggest assets. In some cases, one person decides they want to keep the house.
If you’re thinking about keeping your family home after navigating your divorce, there are several critical factors you need to consider. This decision isn’t just about your emotional attachment to the house but also involves significant financial and legal considerations that will have long-term implications. Understanding these factors can help you make an informed decision that aligns with your future goals and financial stability.
Financial matters
You must assess whether you can realistically afford the ongoing costs associated with the home, including the mortgage, insurance and maintenance, on your single income. Considering Florida’s real estate market and property tax implications is crucial in this assessment.
You need to review your budget to ensure that keeping the home won’t lead to financial strain. It’s often a good idea to base your budget only on your income without considering any spousal or child support you might receive to ensure you can comfortably afford the home.
Considerations for your children’s stability and best interests
If you have children, their well-being and stability become a central consideration. For many, keeping the family home may provide their children continuity and security during significant change.
It’s essential to balance this emotional consideration with practical aspects, such as the proximity to parents, schools and other support systems. Ensuring that decisions are made in the best interest of your children while also being feasible long-term is crucial.
Moving forward
Negotiating who keeps the family home can be a complex undertaking and may require legal guidance to navigate effectively. It’s also essential for you to understand how Florida law treats marital and non-marital assets and how your home, specifically, is categorized. Engaging with a knowledgeable professional can clarify your rights and the best negotiation strategies for your unique circumstances.