Florida divorces may involve decisions related to taking ownership of a shared family residence. The Sunshine State’s laws also require spouses to create a parenting plan. According to the Florida Legislature website, a plan generally includes a schedule of how much time children will spend with each parent.
If you agree to take primary responsibility for your children’s caregiving, you may consider trading your share of marital assets for your home. The court, however, could review your income and ability to maintain the property as a single parent. You may need to show that you earn enough money to cover monthly mortgage payments and taxes.
How may I negotiate ownership of my home?
Florida requires divorcing spouses to divide all their marital property between them fairly. A judge may consider how much each spouse contributed to the home and its maintenance. If you did not help pay off the mortgage, a judge could consider other factors such as how you enhanced the property’s value.
Under the 2021 Florida Statutes, a judge could determine if staying in your home affects your children. If keeping the property contributes to your children’s health care or educational needs, the court may approve you to take full ownership.
How may a mortgage affect my keeping the property?
As noted by BankRate.com, you may use your home’s equity value to cash out your soon-to-be ex-spouse’s share. Negotiations, for example, could involve keeping your marital residence in exchange for giving the cash-out funds to your spouse.
Couples with a joint home loan may need to refinance it during a divorce so that only one individual has liability for the payments. Potential lenders may require a new borrower to supply proof of sufficient income and show a good credit score. Without these factors, you may need a guarantor or co-borrower before applying for a mortgage refinance.