This is the first post in a series which will discuss the topic of dividing home equity in a Melbourne, Florida divorce. I feel it is necessary to write on this issue due to the fact that our state’s housing market has seen significant appreciation in recent years. This means that those who are ending their marriage will potentially need to divide the appreciation in their home. The calculation of such a division, however, can cause a great deal of confusion and disagreement between spouses. The goal of my coming articles is to provide information which will help people to better understand their situation. It is also my goal to provide information which will help people to make an informed decision when they are selecting a family law attorney. If you require assistance then contact my office today to speak with a lawyer.
I will be addressing a number of topics over my coming articles. The topics which I will analyze include:
- Whether a home’s equity is “marital” property
- Disputing whether a home’s equity should be marital or separate
- Whether a divorcing spouse can keep a home which has substantial equity in it
- When a home will have to be sold due to divorce
There are multiple reasons why I am choosing to address these issues. First, many are surprised to find out that a home’s equity may be marital in nature, even if the home was owned before the marriage. Second, the discovery process can be crucial to any dispute over the characterization of the home’s equity. Third, there are ways in which a spouse may “buy” their counterpart out of their equity in the home. This can allow one to keep the marital residence after their case has been finalized. Finally, there may be times when the parties’ finances require that a home be sold.
If you are going through a divorce, and you own a residence with substantial equity, then it is important that you contact a lawyer as soon as possible. Counsel will help you to understand all of your options. As a Melbourne attorney, I am able to assist with such matters. Contact my office today to schedule an initial consultation. We also service clients in the Brevard County cities of Titusville, Cocoa, Palm Bay, Grant, Valkaria, and Rockledge, as well as in the Indian River County areas of Fellsmere, Sebastian, Vero Beach, Indian River Shores, and Orchid.