When going through a divorce in Florida, you and your spouse will be presented with what may feel like a seemingly endless number of tough decisions to make. How will we split time with the kids? Who will take the kids on key holidays? What debts do we need to split? Do we need to split a retirement account? Another equally challenging choice to make is what you will do with your family home.
Especially if you have young kids still at home, you might want to maintain the stability in their living situation. Your spouse may say they want to stay in the home with the kids and you want to be nice and make that happen. While there may be a nice aspect to that approach, The Mortgage Reports suggest you proceed with caution. One piece of advice would be to encourage your ex to get a new mortgage in their name only.
Why is this important? Despite whatever good intentions exist, situations change and if at some point in the future your former spouse stops paying the mortgage or is late on some payments, you may see this activity reported on your credit report. The bank may even contact you for the money. This is because so long as your name is on the mortgage, you may be held legally responsible for the debt.
This information is not intended to provide legal advice but is intended to help divorcing residents in Florida get an accurate view of some of the potential issues involved in keeping a marital home during a divorce.