Determining if Your Home is a Marital or Non-Marital Asset

What Will Happen to My Marital Home in My Divorce?

The marital home can be one of the most important assets in a divorce settlement. Be aware that if the property was individually acquired before the marriage, it should to be treated as separate, non-marital property and will not be subject to an equitable distribution. However, very often, the separate property may become classified as marital property due to various circumstances and that changes everything as far as asset division. If both spouses are listed as owners, if equal access to the separate property was granted to both spouses, or if the separate property has been commingled with marital assets, then that property may become marital property. Keep in mind too, that any equity gained in a non-marital or separate property may also be subject to partial distribution, depending on if marital funds or labor were used to improve the property. Determining whether or not separate property has been commingled with marital property is complex and based on the specific facts of each case. Whether you are trying to protect your own separate property, or believe that you have rights to your spouse’s separate property, it is best to immediately seek the counsel of In Law We Trust, P.A. immediately. We will discuss your specific circumstances and help you to begin to protect your interests.

Options for Selling or Keeping the Marital Home

If it is determined that your home is marital, a professional appraiser may be hired to establish a fair market value on the property. Depending on the circumstances, a judge may order the marital home to be sold and the proceeds divided. In a particularly unfavorable real estate market, the couple may be allowed to keep the home and sell it when the market increases. If the property is the couple’s primary home and minor children are involved, the judge may order the home to be sold at a future date and allow one of the spouses to continue to live there until the sale. Or, if one of the spouses feels strongly about staying in the home, a judge may award the other spouse money, additional assets, or fewer debts in order to make the division equitable. Both spouses should also consider the tax implications of acquiring a property in a divorce settlement.

Whatever your concerns might be with regard to protecting your assets and lifestyle, your first call should be to In Law We Trust, P.A. As attorneys who specialize in the rights of men, we are ready to guide you through all aspects of your divorce and fight for fairness in the division of your property.

Call The Family Law Experts Men Trust (813) 415-3510

In Law We Trust, P.A. is a premier firm of divorce lawyers representing men in family law proceedings. We are uniquely positioned to assist our clients with the challenges men face in Florida’s court system. Call us today and get the proper representation men need and deserve.