Written by Whitney R. Lonker, Wood, Atter & Wolf, P.A.
What used to be one of the biggest assets in a marriage in Florida is now one of the biggest liabilities due to the current market economy. What are you supposed to do with the marital home when the marriage is dissolving? There are some options which are as follows:
1) Let the bank take back the home in either foreclosure or a short sale action. This will mean that both the Husband and the Wife will suffer negative credit marks, however.
2) One spouse can agree to take on the house and all of the debt that goes with it.
3) Both parties can agree to place the house on the market, move out and rent the property until it sells splitting the monthly rental income and splitting any equity upon the sale.
4) One party buys out the other and refinances the home in his or her sole name.
These are just some solutions to resolving home liability issues. While there is no ideal answer regarding the marital home in this economy, the issue requires the advice of an attorney. Please contact our firm to help you resolve this division of property.