Dividing the Equity in Your Family Home
Today’s economic conditions have made divorce even more challenging. Many Florida homeowners have negative equity in their homes, which means their home is worth less than they owe on the debt associated with it. For them, deciding what to do with the house is crucial for their long‑term financial health.
We invite you to schedule a confidential consultation at The Law Offices of Andrew M. Smith, P.A. in Boca Raton, Florida. An experienced divorce lawyer will meet with you to discuss your home equity concerns, and answer questions about divorce. Call 561‑961-4665 or contact us via e‑mail.
What is Equity?
Equity is simply the dollar difference between the fair market value of the house and any loans or claims held against it. Because Florida is an equitable distribution state, all debts and assets must be divided fairly when a couple is divorced.
How We Can Help
At Andrew M. Smith, P.A. we have negotiated property settlements for families of all sizes and income levels. Since the family home is quite possibly your largest asset, we suggest we have it appraised by a neutral real estate professional. If you decide to sell, list the home with a reputable realtor both of you trust. If the equity in your home is negative, you may have to list it as a short sale. Although selling your home for less than it is worth is painful, it does reduce financial obligations at a time when many families are struggling, leaving the parties free and clear of the obligation and able to start anew.
Once the divorce judgment is final, your marital property settlement cannot be modified in the future, absent a showing of fraud. For a frank discussion of your options in divorce, contact attorney Andrew Smith in Boca Raton, Florida. We have helped many families decide how best to divide or dispose of the family home. If there is a large amount of equity to distribute, we will safeguard your rights, and make sure you receive what is fair.
Attorney Smith is a trained Family Law Mediator. He helps families resolve divorce conflicts amicably through a neutral facilitator. If mediation fails, he is prepared to aggressively litigate to protect your interests. Call Andrew M. Smith, P.A. at 561‑961-4665 to schedule a low-cost initial consultation.
The hiring of a Florida lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice or the formation of an attorney/client relationship.