When you and your husband or wife own a home together and make the decision to split up, you may have concerns about what is going to happen to the home. You may have several different options available to you when it comes to figuring out what to do with home equity, and many people navigating Florida divorces choose to do one of two things to divide it.
You may wish to do the following to divide your home equity when you divorce.
Sell the home
You may find that selling your once-shared home and splitting any profits you make on the sale is an easy way to handle your home equity. You may also find that it helps you and your former romantic partner make a clean break from each other. Before doing so, though, you need to agree on an amount at which to list it. This may require you, your ex or both of you to have your home appraised.
Have one of you refinance the mortgage
If you want to keep the home and your partner does not object, or if circumstances are the other way around, one of you has the option of trying to refinance the mortgage and get a new one in just one name. This might allow the party who wants to keep the home to pay off any remaining mortgage debt and buy out the other spouse’s portion of the home equity.
In some cases, housing market conditions and similar factors may have a hand in your decision about what to do with your home equity.