Florida House Buyers: You were in love once and purchased your dream home together. That was so long ago it seems. Now you are facing divorce and you own the home together. You’re half and half partners there. How will this work?You can do a few different things here.

 One of your options would be for one to buy the other’s half of the home. If you are going to try to stay in the house you would have to find the fair market value of the home according to current appraisal information.

Then, depending on your divorce papers and who gets what, you would have to give her the appropriate amount equaling half of the value of the home. Then you would be the sole owner. If she wanted to stay in the house, she’d have to do the same and give you half.

Don’t take the laws on this lightly because you’ll be risking a credit score crisis if you don’t know all of your options and responsibilities. It’s bad enough to go through divorce, let alone coming out of it with wounded credit to go with your wounded pride and wounded heart. Know your responsibilities and also what you are entitled to. It’s a great idea to have a clear picture of what you are not responsible for, too.

Divorcing couples often make the mistake of thinking that if one of them moves out, the one that moves is no longer responsible for the mortgage payments. That couldn’t be further from the truth. Both are responsible if both are on the title and on the loan docs.If you decide that your ex will remain in the home and you’ll leave, you might make an agreement that says she’ll be taking care of the mortgage payments and/or the taxes on the property. Well, if she can’t or just doesn’t do so, you are now just as responsible as she for her failure to pay. You’ll both have trouble.

The most important thing to remember here is that you may not be thinking as clearly as you would if not in this situation, so you would be very wise to get counsel to help you make your important decisions. You will not want to put yourself in jeopardy of ruining your credit because you’ll definitely do so if you aren’t careful. This is not a new story but a common one, unfortunately.

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