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Should the family home be kept or sold in a divorce?

Many Florida residents work hard to create a loving home for their family. This goes well beyond maintaining the physical house, and extends to the environment of the home created by the parents in raising a child.

In a divorce, there can be a number of important children's issues that must be figured out between the parents. For divorcing couples who own a home together, one of the most important issues is determining what will be done with the family home. There are many considerations that need to be addressed to make these decisions.

Of course, emotional considerations must be taken into account. If the divorcing couple has young children, the custodial parent may want to keep and reside in the marital home because the children grew up there. This can create a level of consistency for the children through the transition of the divorce. In other cases, an ex-spouse may be eager to move to a new home in order to feel a greater sense of independence and freedom.

For many divorcing couples, emotional considerations give way to financial needs. After dividing assets in a divorce and losing the income of a spouse, it can be difficult for a newly single parent to afford the mortgage payments and other expenses of the marital home. For these individuals, the options can include refinancing the home or selling it.

In addition, the level of spousal support and child support that is awarded in the marriage will play a significant role in determining whether the individual will be able to afford to continue making the monthly mortgage and other payments.

In any divorce, the parties must divide their marital property in accordance with Florida law, and this typically includes the home. While some couples may have a premarital agreement that decides in advance how real estate will be divided, in many cases, the couple will have the home's value appraised as part of the property division process. Once the value is determined, the parties will decide on their options. In some divorces, one ex-spouse will purchase the other's share in the property. In others, the parties will sell the home and divide the proceeds.

After proper consideration of all of these issues and consultation with an attorney, Florida residents can make the decision that is best for themselves and their children.

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