When you file for a divorce in Florida, part of the settlement negotiations may center on your house. Determining whether you should sell or keep your home may be a complex financial decision. Even if you and your spouse decide to keep the house, you may also need to figure out who will continue to live there and how to split the equity and debt equally. While every situation is different, there are several factors to think about that may help you decide whether keeping or selling your home is best.
You may think that the only options available to you and your spouse are to keep the home while one of you lives there or sell it during the divorce, but there may be other choices. U.S News and World Report discusses some unique solutions that may be a better fit for your situation. For example, you may want to consider an option called “nesting,” which may be especially helpful if you have young children. In a nesting agreement, you do not sell the house. Rather, your children live there permanently. You and your spouse split your time living in the home with the children according to your custody agreement. A rented apartment may serve as a good housing option for you when it is not your turn at the home. This solution may only be a viable option if you and your spouse are in an amicable divorce situation.
You could also plan to sell the house at a certain time in the future. This may be a good option if you only have a few more years before your children leave home. It may allow your children to feel less affected by the divorce. You and your spouse may create an agreement that will split the equity when you sell after the children move out. This arrangement may balance the financial considerations and your family’s quality of life.
This is general information intended to educate, and it should not be interpreted as legal advice.