What Happens to the Marital Home During Divorce?
One of the most difficult decisions to make outside of deciding to file for a divorce is deciding who will live in the marital home while a dissolution of marriage is pending. Often, the question is, which spouse is going to move out? When minor children are involved, this question becomes more of an issue. Usually, one parent will remain in the marital home with the children while the other moves out. But, sometimes the parties are able to cohabitate during the marital process. This scenario is often rare. Before making the decision that works best for you and your spouse/family, it is important that you understand your options and potential consequences.
Who Will Move Out?
If you and your spouse decide that one party will move out, determining which party will vacate can be complex. For many couples, the marital home is typically the most valuable asset and/or the most sentimental; therefore, moving out of the home can be extremely difficult and even feel like relinquishing ownership. But, it is important to remember that ownership of the home will not be determined until negotiations begin or the court decided. Typically, the division of the marital home is not determinative by which party remains in the marital home during the divorce period. Each spouse is entitled to an equitable interest in the marital home.
Cost of Living
Whether you and your spouse decide to co-habitat or one spouse decides to move out, it is important that you both remain conscious of your living expenses. Although rare, both spouses may decide to remain in the marital home together. This can be the result of wanting to remain with the children together or due to financial circumstances.
If one spouse decides to vacate, it is important that you and your spouse discuss your financial capabilities in order to do so. Divorces can get expensive and it is imperative that you and your spouse discuss how the mortgage will be paid and how the rent/mortgage of the new property will be managed. Remember, both spouses have an interest in the marital home. Therefore, if you are unable to afford your mortgage, the value of the property may never be realized by either spouse. Be sure to make your decision to move out based on what’s best for your family emotionally, but also financially.
If you have questions regarding your marital home or another question regarding divorce in Florida call one of our experienced Orlando divorce attorneys at Mosaic Law Firm.