There are a lot of questions that crop up when it comes to a divorce. It’s tough enough to handle the emotions at a personal level, and it’s even more of a challenge where there are children involved. Yet, you need to handle all these issues in a sober way so that your future is not jeopardized.
One of the areas to be careful about is your finances and assets, and how they’ll be affected by the divorce. This will take care of you and your spouse, and if you have children, they’ll be comfortable wherever they’ll be.
If you are wondering what will happen to your hard-earned property during a Florida divorce, the following post should help you get started:
WHAT HAPPENS TO MY MONEY AND PROPERTY IN A DIVORCE?
The first step of equitable distribution is to determine which assets (such as cash, cars, houses, or 401(k)’s) and liabilities (such as credit card bills, mortgages, and loans) are marital and which are non-marital. This is because non-marital assets and liabilities will generally be set aside and go to the spouse that acquired or incurred them, while marital assets and liabilities will be divided among the parties. In most cases, if an asset was earned or purchased during the marriage, or a liability was incurred during the marriage, it is considered marital. Read more at Family Diplomacy…
Before any action is taken on any property that you have, such as a house, the first step is to determine whether the property was acquired before or after the marriage. This should then guide the decision on how to handle it.
Sometimes, it is tricky to tell who owns what part of the property. Steve W. Marsee explains a critical process called property transmutation that affects property ownership:
FLORIDA DIVORCE LAW: WHAT IS PROPERTY TRANSMUTATION?
In Florida divorce cases, a couple’s marital property is subject to the state’s equitable distribution standard. This means that Florida courts will split up their marital assets in the manner that best upholds the state’s principles of “fairness”. In some cases, this will be a 50-50 split of the marital property, though in other cases, the split may not be exactly even.
Of course, not all property is necessarily marital property. You could enter a marriage with your own separate property. If you own separate property at the time of your divorce, that specific asset is not subject to distribution during a divorce. In other words, you get to keep it. Read more at Marsee Law…
So if your family home was partly paid for by either you or your spouse, and then when you got married, you paid for it together, it will be treated in a unique way. Be clear on these details so you don’t have to deal with unpleasant surprises.
One of the major decisions you may need to make to facilitate the divorce costs is selling the family house. If this is the course of action you choose to take, Lee Nelson has some advice for you:
Selling a House While Going Through a Divorce
Going through a divorce brings on extreme emotions, and having to deal with selling a home is one of the last things you’d want.
“I try to teach people to think with their brain, not their heart,” says Laurel Starks, divorce real estate expert and author of Divorcing the House: A Guide to Understanding Your Options, the Pitfalls & Whether You Could-or Should-Keep Your Home in Divorce. She also is owner of Starks Realty Group in Southern California.
“This is a business decision, and the decisions you make now will affect your future. How you rebound from this divorce is directly related to the decisions you make when you are in the divorce,” she adds. Read more at My Mortgage Insider…
Basically, when you decide to sell your home, you need to handle it as you would a business transaction. One of the top things to do is detach your emotions from the home.
If you need to sell your house fast in Hialeah, FL then worry no more – Sell Fast Fair Offer will buy your home at a fair price. Once you call us, we will give you a cash offer within 24 hours. Thereafter, you get to choose when to close. Call us on (305) 590-8500 or visit our website for more information.