Florida couples that purchase homes during their marriages know that doing so requires a significant financial commitment. Despite this fact, many people will automatically insist on keeping the family home if the marriage ends, without first considering the monetary ramifications of that choice. It may be more beneficial to take a step back and examine home ownership as a single person before dividing property in a divorce.
The first factor to consider is what happens to the mortgage loan. Rarely will the spouse who will no longer be living in the home be willing to continue making payments on it. Therefore, the individual staying in it will most likely need to obtain a loan in his or her name alone and "buy out" the other spouse for his or her share of any equity in the home. Even if it is possible to refinance the house, the payments may not be as affordable on one income.