The procedure of divorce not only marks the end of a married relationship legally, but also calls for property distribution between the couples. While the property that any of the spouse owned before marriage stays as the belonging of the original owner, the land or property the couple acquires after the wedding or before separation are subject to division.
Buying a home
One of the things in which the couples engage after the wedding is the decision to buy a home together, and it is primarily to raise the family. Usually, it is one of the biggest investments the married couples decide. However, the thing that creates trouble is the common financing or the mortgage that is obtained for buying the home. The problems tends to grow bigger when the couples decide to separate before settling the debt. Furthermore, the issue can become more complex when one of the couples decide to stay back in the marital home after the finalization of divorce. For couples with children, the home tends to offer a sense of security as the family moves through the worst phase of transition.
You must ask relevant questions to the divorce attorney in Fort Pierce to get your queries clarified related to the issues of property settlement. For instance, you may want to find out whether it is feasible to keep the home and the consequences it may pose later. The couple deciding to keep the home must arrange the finance for paying off the debt. The market forces, the income of the spouse who wishes to remain in the marital home, and the individual resources are going to impact the divorced couple as far as the issue of property settlement is concerned.
Deciding the structure
None of the couples are keen to let go off their equity in the home. However, if the home is eventually sold, the money from it is divided between them after paying the remaining portion of the mortgage. After consulting with the divorce attorneys in Florida, you will come to know the issue of presumption marital home that undergoes equal distribution and this is the general amount the couples receive in the state of Florida. Although the presumption can be averted, based on the situations surrounding the marriage and the couples, paying the division is a general procedure that is followed.
On the other hand, if any one of the spouses decides to keep the home, the other spouse must receive compensation against the equity that is given up. Usually, a bigger share of the marital assets are provided to the other spouse not keeping the home. However, the claims of alimony are also reduced or eliminated as a part of this procedure. The court may also consider the option of cash buy out, but the procedure can be implemented only when the couple who decides to keep the home has the financial ability to pay the amount. Generally, the amount of buyout is offered through periodic payments or as a lump sum to the other spouse.
Helping the other spouse with the mortgage
After the agreement regarding the compensation to be given to one of the spouses is settled or agreed, it is necessary to strike off the name from the mortgage payment. However, the lenders may not be eager to remove the name if the debts are yet to be paid. The only method of coming out of this fix is to refinance the home and issue new mortgage documents. However, the spouse who decides to stay back in the marital home must have the qualifications needed to become eligible for the prospect of refinance based on the income. Furthermore, the same spouse must also have the potential to pay the rest of the outstanding balance on the home without any support from the other spouse.
Communicating with an attorney
There is no dearth of issues that arise during the settlement of the property after the divorce is finalized. Without doubt, property division is one of the most intricate issues in a procedure of divorce. Moreover, the divorce laws tend to vary from state to state. A divorce attorney in Fort Pierce, Florida can address your issues right away and provide the information you need to aid your decision appropriately.