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Dividing the most valuable asset in a divorce

Over the course of a marriage, Miami residents often accumulate a number of valuable assets, including vehicles, jewelry and various items of personal property. The most valuable asset is typically the real property owned by the couple.

When the couple decides to get a divorce, all of this marital property must be divided among the spouses. This can prove to be a significant challenge, particularly when it comes to dividing high-valued assets like the couple's property interests.

Indeed, it can be difficult to sell a house at any time, and this difficulty is only enhanced when the parties decide to sell the house in a divorce. One thing that can ease this difficulty is appropriate timing, as March and April are prime months to put a house on the market due to the relocations that typically take place in May.

Selling the house has the advantage of creating liquid assets to divide between the parties. However, if selling the house appears difficult, the parties may decide not to put the house on the market. Another option is for one party to buy out the other party.

Of course, the equity in the house is not the only consideration. The debt remaining on the house also must be divided. Parties may choose to divide the proceeds and debt on an equal basis, or they might decide to give one party a more significant interest. For instance, one party might be given a greater interest in the house because the other side is given other assets to offset that interest. Ultimately, each case is different in light of the assets involved and the parties' preferences for dealing with the assets during the divorce.

Source: Fox Business, "How to sell your home during a divorce," Serena Elavia, Oct. 21, 2015

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