Dividing Homes and Other Property In Your Divorce
Marital asset division is an important issue in any divorce. Depending on your situation and the amount of time you and your spouse were married, you may have accumulated significant amounts of property together. This includes homes, cars, recreational vehicles, and other items of value. There are factors you need to consider when dividing these items in your divorce to ensure you get your fair share.
Dividing Property in Florida Divorce
Under Section 61.075 of the Florida Statutes, any property or assets you and your spouse acquired during your marriage will be divided on an equitable basis. Factors that influence this decision include the amount of time you were married, each individual spouse’s contributions, and any marital misconduct that may have occurred.
Dividing property such as your house, vacation homes, cars, boats, or other large items can get complicated. As it is likely only one person will want to be the sole owner moving forward, you will need to negotiate agreements. Options available include:
- Trading one piece of property for another. For example, you might agree that in exchange for getting the family home, your spouse takes possession of cars or other items.
- Buy outs negotiated through your settlement. If your spouse wants to retain sole ownership of items such as boats or vacation homes, you can elect to get reimbursed for the value through a direct buy out.
- By selling the property and splitting the proceeds. If neither you nor your former spouse wishes to retain ownership of the property, selling it and dividing the profits may be the best option.
Getting Your Fair Share in Property Division
In all of the above scenarios, it can take time to work out agreements and to make the necessary arrangements. During this time, you will want to take certain steps to ensure you get the maximum amount you are entitled to in any eventual settlements. When dealing with property, it is important to do the following:
- Get an accurate appraisal. You will want to know the current value of homes, cars, and other large items while also factoring in what they might be worth in the future. BankRate warns to be particularly cautious when it comes to real estate. Be wary of getting an appraisal that is too low and does not accurately reflect what your home is worth or what it would cost to replace it.
- Consider factors that could entitle you to more in a settlement. If you sacrificed your own career for your marriage or if your spouse makes considerably more than you or wasted assets, you may be entitled to a greater amount in your settlement. This could justify taking sole ownership of big ticket items.
Contact Us Today for Help
Before making any agreements regarding marital property and assets in your case, speak to our experienced Fort Lauderdale divorce attorney first. Vanessa L. Prieto can help protect your rights in these negotiations so that you get the maximum amount you are entitled to. Contact our office today to schedule a consultation.
Resource:
bankrate.com/finance/real-estate/how-to-avoid-a-low-home-appraisal-1.aspx
https://www.vanessaprietolaw.com/protecting-marital-assets-during-your-divorce/
