Finding Effective Solutions For Real Estate Division
The process of dividing property in Florida during divorce is complex and emotionally draining. These challenges increase for couples who own real estate together. The marital home is a piece of property that both spouses may want, and identifying the best way to divide these assets is not always clear.
At Michael E. Golub, P.A., we take a thoughtful approach when helping our clients divide real estate property during a divorce. Our attorney is committed to helping you resolve real estate disputes in a timely manner. We will have your best interests in mind throughout the divorce process and will work to find solutions that allow you to move beyond this difficult time in your life.
Is The Real Estate Marital Property?
The court will need to determine whether the real estate in question is marital or nonmarital property. Marital property generally refers to assets and liabilities that spouses acquire during the course of the marriage. Nonmarital property applies to assets and liabilities that one spouse acquires outside of the marriage. Courts divide marital property equitably between spouses during divorce proceedings while nonmarital property is exempt.
If a piece of real estate is marital property, it will need to be valued. Financial or real estate professionals may be called upon to help determine an accurate valuation for the property. Once that value is calculated, the real estate will be included among the rest of the marital property.
How Do Courts Divide Real Estate During Divorce?
There are several options the court may pursue to divide real estate. The court may order the couple to sell the property and divide the proceeds between both spouses. If one spouse advocates strongly that they should keep sole possession of the real estate, the other spouse may receive other assets to make the division more equitable.
It is important to note that once the court determines an equitable distribution, that ruling is final. It is critical to contact a lawyer early in the divorce process who will work to protect your rights.