Tampa, Florida is a fantastic place for couples to invest in real estate, as it is one of the most populous cities in Florida. Many families sit down and consider obtaining a home or multiple homes to be used for rental income that they can share. However, what happens when a divorce takes place? How are the rental assets divided?
At Robert Sparks Attorneys, we understand how difficult divorce can be on a family when it comes time to divide assets. You want to make sure that your interests are being protected and that these matters are treated as fairly as possible. Contact us today to set up a consultation to get started on your divorce.
Understanding Equitable Division in Florida During Divorce
When you go through a Tampa, Florida divorce, Florida law requires equitable division to take place. This means that the assets that you obtain during your marriage must be divided as fairly as possible. In some cases, this means a 50-50 split but a judge will help you determine what is fair based on what you have acquired during your marriage.
Where does rental property come into play in terms of divorce? Well, this depends on whether or not the property was acquired during the marriage. Did the couple decide to purchase the rental property together after they were already married or did one of the parties bring the rental property into the marriage to use it as another method of income? If it was brought into the marriage by one of the parties, then it will typically remain in their possession when assets are divided during divorce.
Did Both Parties Share Income From the Rental Asset?
There is one unique situation that could further complicate things. Let’s say that the husband owned the rental property and brought it into the marriage with the purpose of sharing income between both spouses during their marriage. If both parties used the marital funds to make mortgage payments or repairs to the property, it could become a marital asset – which means that both parties may have a right to it during the divorce.
There are some other factors that you will have to consider during this process as well:
- What your future plans are for the property
- Whether or not the parties want to continue renting the property
- Whether one of the spouses wants to turn the rental property into a primary residence
- Whether the parties want to co-own the property together
There could be several types of arrangements that fit your divorce depending on the circumstances and the future plans for the rental property. In terms of taking these matters to court, a judge will want to decide on what is fair to both spouses.
Reaching an Agreement With Your Spouse
Of course, one of the best ways to handle rental assets during divorce is reaching an agreement with your spouse on these matters. One spouse may decide that they want to keep it outright and maintain the property, as well as any taxes that follow it. However, you may both decide to co-own the property and share the responsibilities when it comes to the property’s upkeep. Unfortunately, not all spouses will be able to reach an agreement together, which means that these matters will go to court.
Dividing investment properties and rental assets is just as difficult during divorce as dividing any other type of property. There are many decisions to be made that can benefit either party. Because of this, speaking with a lawyer may be necessary.
Contact a Tampa Divorce Lawyer
Dealing with property division in the midst of a Tampa, Florida divorce is not always easy to do. Thankfully, with the compassionate help and trust of Robert Sparks Divorce Attorneys on your side, you can find answers to some of your burning questions concerning this division process. We want you to receive what is fair to you when it concerns property division so that you are not left out in the cold.
If you are going through the divorce process in the Tampa area, please contact our Tampa divorce lawyers as soon as possible to start protecting your interests during this challenging process. Contact us today for a no-obligation consultation.