With how often we hear about the topic, you’d assume divorce rates are still skyrocketing. In reality, that isn’t quite true, people just aren’t marrying as often. They’re still breaking up, though. If this relationship was serious, it’s likely the two may have moved into a home together. So here’s the question: who gets the home when an unmarried couple splits up? If you may be in this unfortunate circumstance, here’s a quick overview of unmarried couples property rights in Florida.
Who Gets the Home When an Unmarried Couple Splits Up?
If you haven’t signed a joint house ownership agreement (who has?) and have recently split up with a significant other, you have a couple of options. You could follow the Florida legal procedures, which will require you to put the house up for sale and split the proceeds in half. Or, you could reach an agreement on your terms.
Before you can begin this process, you must determine each person’s share of the home. If you haven’t signed a joint house ownership agreement, this is much easier said than done. When there are two people on the deed, it’s assumed that they would share the equity evenly. If either party decides they want a greater share, it must be proved through an agreement, typically in writing.
To solve this, you may have a difficult time with contracts for equal or unequal ownership. We highly suggest contacting an attorney to ensure all documentation is taken care of properly. The simplest resolution, of course, would be a simple 50/50 split of the proceeds of the home. Simple isn’t always doable, so in the event, no resolution can be agreed upon, here are your options.
Buy-Out Your Previous Partner
In a majority of circumstances, it’s cheaper to sell a property from one party to another. If this is not agreed upon beforehand, it’s important to negotiate how much to pay one another. In this situation, one party will have to buy out the other as a means of resolving.
If this can’t be settled amicably, the process might require mediation or arbitration. You should get a written agreement that specifies all of the terms and conditions, which will be reviewed by an experienced real estate attorney. This will help to “future-proof” the agreement and save from any future disputes.
Sell Your House to a Third Party
The best option is to find a third party or company that will buy your home for cash. Hiring a broker is advisable, as they will act as a mediator in issues of negotiation and splitting costs. When you sell to a third party, the disputed parts of your property and sale can be put into an account that requires both parties signatures.
When a couple splits up, it’s important to divide all of the real estate. If the couple owns more than one home, for example, a vacation or investment property then it needs to be divided and undergo this same process as their primary residence. Be sure that there’s a written agreement for everything to ensure you don’t get into a dispute.
How to Ensure an Effortless Split of Property
So, who gets the home when an unmarried couple splits up? Unfortunately, it’s going to be up to you. So, it’s best to have these things planned out beforehand so you’re not figuring out these touchy issues too late. To learn more about unmarried couples property rights in Florida, check out this great article.
Consider a Cash Sale
If you’re looking to sell your Florida home quickly, then we have an option for that. SellThatFloridaHouse has been a trusted cash home buyer in Florida for over 15 years. We’ve helped hundreds of homeowners get back to what matters most in life by helping them in situations just like this! Whether you’re trying to find out about unmarried couples property rights, behind on payments, or just have questions, reach out to SellThatFloridaHouse at (407) 228-3682. Or, visit us online at www.sellthatfloridahouse.com and fill out our online form to get your no-obligation cash offer today!