When you own multiple properties, it can be hard to know what to do with them during your divorce. On one hand, you may want to keep the properties that you’ve invested in. On the other hand, you or your spouse may want to sell or rent out the homes.
Dividing your vacation properties, investment properties and family home can be tricky, but it’s not impossible. The first thing you’ll likely do is get an assessment of a property. Once you know how much it’s worth, you can begin looking into how you want to divide those assets.
Florida is an equitable distribution state, which means that you and your spouse won’t necessarily be dividing your assets equally. For example, if you want to keep all of the homes and have invested more in to them than your spouse, you might agree on a 70-30 split of your properties and offer to pay them for their share. Similarly, if your spouse has invested 50% of their time and money into them, the same as you, then you may both decide to divide your properties equally.
With physical property, you essentially have three choices. You can sell the properties and divide the profits, keep the properties and divide ownership or keep the properties and rent them (splitting the proceeds). What you decide to do should be based on your specific relationship and the financial implications of keeping properties following your divorce. Your attorney can help you decide on the right option for dividing these properties and will work with you to make sure you get a fair share.