Divorce can be a difficult and emotional process for a couple, but it is necessary if both you and your partner no longer see eye-to-eye and want to start a new chapter of your lives. This means having to split assets, custody, and other properties.
But what happens when your divorce includes real estate property settlements? Florida is an equitable distribution state, which means division will be equitable rather than equal. Your best option is to discuss arrangements with your divorce lawyer and come up with a fair settlement to avoid taking your case to court, but here are the possible outcomes you should consider if you’re thinking about property settlements for your Florida properties.
Prenups And Amicable Agreements
The easiest divorce settlement possibility is when you and your partner have a prenuptial agreement that lists who gets what during the divorce. This may not be aligned with Florida’s equitable distribution during divorce proceedings, but since this is what you and your partner agreed on, this will be what you, your partner, and your divorce lawyers will base the real estate property division on.
Another easy solution is if you and your partner can agree on who gets what. If you and your partner divorce amicably (or at least are on polite terms long enough to discuss who gets what), there is no need to take each other to court. The division does not have to follow equitable distribution as long as both of you agree to the terms. So, if you agree that one of you keeps the house or you sell the house and split the proceeds, you can go ahead with this.
Equitable Distribution
If there is no prenup and you and your partner cannot resolve the division on your own, your lawyers will have to take your case to court. In Florida, divorce proceedings follow equitable distribution. Under this type of division, a judge will divide your property equitably. However, unlike community property states, what is fair or equitable is not necessarily equal, so it’s not a 50-50 division.
Under this type of property distribution, the following scenarios may happen to your real estate property:
One Spouse Receives The Property, The Other Receives Money Or Other Assets
Under this situation, a judge will award the home to either you or your partner. From there, two things can happen: first, the judge will require whoever won the house to buy their partner’s share from the partner. In a second situation, a judge will give you or your partner the property, while they give the other spouse another property or asset to keep the division equitable.
This means that if the judge awards the property to you, you will either have to pay a percentage of the house’s value (determined by the judge) to your partner, or your partner will receive other assets to keep the division equitable.
The House Goes To The Custodial Parent
If you and your partner have children that are still studying, the judge might rule that it’s in the best interest of your children to remain in the house so their studies will not be disrupted. This means the house will most likely go to whoever has primary custody over the children.
The Property Is Sold And The Proceeds Divided Equitably
If there are no young children involved and there are few other assets to divide, your judge may order you to sell your home and divide the proceeds equitably. Given that the average home in Naples, Florida takes 103 days to sell, you and your partner may have to stay in touch long after the divorce is finalized until the property is sold and both of you receive the percentage of the proceeds.
Sell To A Professional Home Buyer!
At Alpha Properties, we understand the need for couples undergoing divorce in Naples, FL who want to sell their house fast. Rather than spending the next few months dealing with marital real estate property, you can sell your home faster with a professional home buyer, get your proceeds, and move onto the next chapter of your life.
Instead of waiting around 3 months to sell your home, our cash homebuyer services in Naples, Florida can help you sell in a fraction of that time. Schedule a property viewing with us and receive a fair cash offer within 72 hours of the viewing. Once you accept, we can close the deal in as little as 14 days. Our fast turnaround time allows you to finish the sale, divide the proceeds, and move on from your divorce.
Ready to get started? Contact us today to schedule a property viewing.
