Articles Posted in Marital Home

Marital-Home-300x205A question that commonly comes up in Florida Divorce consultations and cases is whether a client should move out of the marital home once one of the parties has filed for divorce. While many times spouses recognize that if there has been a divorce filing, eventually the time will come where they will no longer live together, this is a decision that should be made with planning and careful consideration.

The marital home is often the largest asset that the parties share, and its division in extremely important when considering how assets and debt will be allocated in a divorce case. In some cases, a spouse bought the house years prior to the marriage, or before even knowing the other spouse, in those cases, the house may be considered a non-marital asset. Conversely, many times, a home is purchased either right before or during a marriage, with the anticipation that the parties will live together as a married couple and ultimately a family, which would then make the house a marital asset.  In Florida, when a married couple buys a home, the property is held in a “tenancy by the entireties”. Only married couples can hold property in this manner, and the deed will reflect that the parties are married at the time of purchase, and that is how the property is deeded to the couple. Being married is a prerequisite to the property being held in this manner. When the parties divorce, the “tenancy by the entireties” is destroyed, and both parties are joint tenants of the property. In both cases, the parties own 100% of the property, but when the house is sold, equity is divided in half, unless special circumstances permit that a party is awarded a more significant share of the proceeds.

A Florida Family Law Lawyer can advise you as to your legal rights prior to and during a divorce proceeding.  Wood, Atter & Wolf, P.A. based in Jacksonville Florida has represented parties in divorce and post divorce proceedings since 1957.  At Wood, Atter & Wolf, P.A., we are On Your Side – At Your Side.

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When spouses separate and the Florida divorce is final, one party usually takes full ownership of the marital home. For one party to have full legal title to the, now, former marital home, the other party must sign a quit claim deed transferring his or her interest in the property to the other party.

Based in Jacksonville, Florida, the law firm of Wood, Atter & Wolf, P.A. is experienced in disputes and issues regarding the marital home and the failure to pay the mortgage payment.  Certainly, any issue regarding the former marital home and the stability of the living environment should be addressed in a timely manner through legal representation when necessary.

If the spouse living in the former marital home is not the only spouse listed on the note with the lender (bank), then that possessing party must either refinance the note in order to remove the other spouse or obtain a new loan solely in the possessing party’s name. Usually, the parties will agree that whoever remains in the Florida marital home will refinance the home but the court can also order a party to do so or, at least, attempt to do so. It is ultimately the decision of the lender to agree to refinance the note and mortgage and remove one of the parties from the original agreement. Often, the lender will not agree to refinance the home; therefore the spouse who was awarded the home must obtain a new loan to pay off the existing loan. In order for a party to obtain a new loan, the party must qualify for such a loan according to each lender’s terms and requirements. Usually when a couple purchases a Florida home, the amount of the note and mortgage is based on individual’s income. Being recently divorced and not having that second income may make it difficult to obtain a new loan for the same house because the debt to income ratio that lenders look at and rely on has now changed.