Your Home's Value Will Be Divided In Divorce, Even If Your Mortgage Is Underwater

If you are thinking about getting a divorce but the mortgage on your Florida home is underwater, you probably have questions. While every situation is unique, the threat of an unstable housing market and mortgage crises in the past have caused real estate values to become an important issue in a divorce.

In the past, spouses used to fight to keep the home, but now the discussion may concern a property neither party wants. Working with an experienced attorney can help you protect your financial interests today and into the future.

At the law firm of Michelle A. Barry, P.A., in Longwood, we help clients deal with the tough financial decisions that can arise when dividing home equity during divorce. We help clients throughout Central Florida and across the state with all types of family law issues, including those that arise because of property division disputes. We are committed to doing everything we can to reach a positive outcome in every case.

The Equitable Distribution Of Your Home's Value

Florida is an equitable distribution state when it comes to dividing marital assets and debts during a divorce. This means that the assets and debts must be divided equitably between the parties, which include the family home and other real estate properties.

Unfortunately, Florida also has one of the highest rates of foreclosure in the country. When divorcing couples owe more on their home than it is worth, are behind on their mortgage payments or they are facing foreclosure, an already difficult situation can feel even worse.

Do not wait to seek the advice of an attorney and learn about what options you may have when dealing with a home that is underwater. These options are different for everyone, but may include:

  • Foreclosure
  • Short sale
  • Joint bankruptcy

In some situations, it may even be appropriate to have one spouse retain the home based on the expectation that when home values increase, the equity would be divided at a later date between the parties.

Seeking Help From A Skilled Lawyer

Founding attorney Michelle A. Barry prides herself on the personalized attention she offers every client and handles every aspect of a case herself. She is committed to helping you obtain a fair settlement in your divorce and works hard to negotiate an agreement without the stress and expense of a lengthy court battle.

If mediation and collaboration do not work, she will not hesitate to go to court if that's what it takes to get the settlement you deserve.

Discuss Your Matter With A Lawyer Today

To meet with an attorney from the law office of Michelle A. Barry, P.A., call 407-622-4529 (toll free 888-351-8303) or fill out this intake form to set up a confidential initial consultation.

A free 15-minute initial telephone consultation is available to discuss your case. Email documents to us prior to a call for the most beneficial use of your time. In-person consultations are available at a reduced rate that will be put toward a retainer. We accept credit cards.