Dividing Real Estate In A Tampa Divorce: Primary Homes, Rentals, And Vacation Property
Real estate can become one of the most complicated issues in a Tampa divorce. Whether you and your spouse own residential or business property, investment rentals, or a vacation home, each needs to be classified, valued, and divided according to state law.
These decisions can have lasting financial consequences. Our experienced Tampa divorce lawyer explains how the court classifies real estate, your options in dividing it, and how to protect your rights.
How Tampa Courts Classify and Value Real Estate in Divorce
In a Tampa divorce, equitable distribution applies to the division of marital property. This includes real estate. Section 61.075 of the Florida Statutes dictates that marital property be divided fairly between divorcing spouses, but not necessarily equally.
The first step is determining whether each property is marital or nonmarital. Even assets acquired before the marriage can become partly marital if they increased in value during the marriage or you used marital funds to maintain them. Factors the Hillsborough County Family Court considers when classifying real estate include:
- When and how you (and your spouse) acquired the property.
- Whether marital funds contributed to mortgage payments or improvements.
- Each spouse’s contribution to maintaining the property.
- Any active or passive increase in value during the marriage.
- Whether the property generates rental income or carries debt.
Once classification is complete, obtain a professional valuation of the real estate. This may involve appraisers, market analyses, or reviews of rental income and expenses.
Options for Dividing Real Estate in a Hillsborough County Divorce
Once real estate is properly classified and valued in a Tampa divorce, you and your spouse must decide how to divide it. This can be a challenging process, especially when children are involved or when one spouse wishes to keep certain properties.
Florida law allows flexibility, and there are several options couples have when it comes to resolving conflicts over real estate:
- One spouse buys out the other, often by refinancing or by offsetting assets.
- The divorcing couple sells the property and divides the proceeds when neither spouse wants to maintain it.
- They co-own the property temporarily, such as for rental income or until children reach a certain age.
- You can divide multiple properties, such as having one spouse keep the primary residence while the other keeps a rental or vacation home.
- Arranging for staggered sales, which gives families time to transition
Our experienced Tampa divorce lawyer can guide you in negotiating a tailored agreement that protects your financial security while preventing costly disputes over real estate.
To Protect Your Rights to Real Estate, Contact Our Experienced Tampa Divorce Lawyer
If you are getting a divorce in Tampa, real estate is too valuable to leave to chance. Whether you’re concerned about staying in the marital home, dividing rental property, or protecting premarital assets, get professional legal guidance.
At Bubley & Bubley, P.A., we protect the rights of clients throughout Hillsborough County in divorce proceedings. To get what you are entitled to in a settlement, contact our experienced Tampa divorce lawyer. Request a confidential consultation today.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
hillsclerk.com/court-services/family-law
