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It is now easier to keep the family home in a divorce

On Behalf of | Apr 30, 2020 | Divorce

Florida real estate has grown prohibitively expensive for many people in the past decade. One group of people that this hits the hardest is those going through a divorce who want to keep the family home. However, recent economic problems have actually made conditions more favorable for those who want to retain the marital home.

There are two immediate hurdles for those wishing to keep the family home to overcome. The first is the fact that one spouse will need to buy out the other spouse. Specifically, they will need to pay the other spouse for their share of the home. This is based on the current market value of the home. Now that home valuations are on the decline, it is easier to pay the other spouse because the home is worth less.

The other problem is being able to make the monthly payment on the home. This too is being made easier because interest rates have gotten so low. As a result, the spouse can refinance the home to lower their monthly mortgage payment. This can save several hundred dollars off monthly payments and make it easier for the spouse to fit into their budget. Of course, before deciding to try to keep the house, the spouse will need to determine that the home is affordable both now and in the future.

Those who want to be able to keep their home may want the assistance of a family law attorney in order to negotiate the terms with the other side. If the matter is contested, they will need to persuade the judge that they are the one who should be allowed to remain in the home. Then, both parties will need to figure out the financial arrangements. An attorney may help their client come to an agreement with the other side.