Real estate can carry a lot of value, making up a significant portion of your marital estate. When you’re in the midst of divorce, then, figuring out what to do with these properties can be key to your future and your financial success. But what’s the best way to go about addressing the family home and any vacation properties you own? Let’s take a closer look.
Before you start divvying up real estate in your divorce, you need to take a few considerations into account. This includes:
- The true value of each piece of property, which will require you to have appraisals completed that are fair and accurate.
- Your ability to keep up with mortgage payments, maintenance, and repairs on the property if you intend to seek sole ownership of them.
- Whether there are other marital assets that you want, thereby allowing you to use your ownership stake in real estate as leverage to acquire those desired assets.
- The tax implications of selling a property and dividing the proceeds with your soon-to-be former spouse.
- Any business opportunities that might exist from vacation properties that you own.
- How keeping certain properties will impact your children, especially if you’re going to be the custodial parent and want to provide your children with stability.
Of course, there may be other considerations that are important to you. Just make sure you’ve fully analyzed your situation so that you can make the property division decisions that are right for you.
Competently navigate property division in your Florida divorce
If you improperly handle the property division process in your divorce, then you can lose out on a lot of financial resources that you deserve. That’s why now is the time to start building your legal strategy so that you can plan for the next chapter of your life.
