The Law Firm of Chris E. Ragano, P.A.
Hablamos español
Call 813-586-2277
to speak to an attorney today.

Property division raises questions of how to handle the house

For many couples, the family home is the most valuable asset. During a divorce, an individual will need to figure out with their ex-spouse how the house will be handled. Who will stay, who will go, or will the home be sold are all questions that can be looked at. Property division can have far-reaching impacts on an individual's lifestyle, so for many Florida residents, this is a critical part of any divorce. 

A person who decides to leave the house to the spouse may want to take precautions with their credit. Simply taking one's name off the deed to the home does not automatically take away one's responsibility for the mortgage. If one's name is left on the mortgage, he or she may be responsible should the ex miss payments. This is why, many times, individuals choose to make refinancing the mortgage a condition of giving the house to the spouse after the divorce. 

There are other reasons to refinance at the end of a marriage, including buying out one's spouse, having access to a cash flow or making needed repairs. Since many people may find themselves with less funds on hand after dissolving the marriage, a refinance could potentially help to lower payments. A divorce can give a person an opportunity to review finances and start anew, and a careful analysis can show where one's efforts are best applied. 

A common recommendation from legal and financial professionals who deal with individuals facing divorce is to keep emotions at bay. If a person is able to see the practical necessity of planning during a divorce, property division can be approached like a problem-solving exercise and not a competition. In Florida, a family law attorney could offer assistance to individuals going through the process. 

Source: Forbes, "Til The House Do Us Part: The Top Five Reasons To Refinance After Divorce", Jason Crowley, Nov. 27, 2017

No Comments

Leave a comment
Comment Information
Get In Touch

Talk To An Attorney About Your Family Law Case

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Make your next step the right one. Call 813-586-2277 to speak to a lawyer.

Review Us

The Law Firm of Chris E. Ragano, P.A.
3408 S. Manhattan Avenue, Suite 1
Tampa, FL 33629

Phone: 813-586-2277
Tampa Law Office Map