Untangling Homeownership In Divorce
Divorce is a complex process that often involves the division of shared assets, and one of the most significant considerations is the family home. At HAWM Law in Orlando, Florida, we understand the intricacies of managing real estate during a divorce.
1. Refinancing the Mortgage and Retaining Ownership:
For couples who wish to retain the family home, a common solution is for one spouse to refinance the mortgage in their name. This process involves applying for a new mortgage, and if approved, the refinancing spouse becomes the sole owner of the property. The other spouse is then removed from the mortgage and relinquishes ownership while potentially receiving financial compensation. HAWM Law can guide you through the legalities of this process, ensuring that the transition is smooth and equitable.
2. Selling the Property:
Selling the family home is a straightforward way to divide the proceeds and move forward independently. The sale allows both parties to receive their share of the equity, which can then be used to establish new residences or meet financial needs. Our experienced real estate attorneys at HAWM Law can assist with the sale process, addressing legalities and facilitating a fair distribution of assets.
3. Converting the Property into a Rental:
In some cases, divorcing couples may choose to retain joint ownership and convert the property into a rental. This option can provide a steady income stream, allowing both parties to benefit from the rental proceeds. The profits are typically split according to the terms outlined in the divorce agreement. Our legal team at HAWM Law can help you navigate the legal aspects of co-owning and renting out the property, ensuring that agreements are clear and enforceable.