What is the law when dividing equity?
Full Question:
Answer:
The word homestead is used to describe the home or residence of the family; the term signifies the dwelling house in which the family resides, with the usual and customary appurtenances, including out-buildings that are necessary or convenient for family use, and lands that are devoted to the same purpose.
Homestead has also been used to describe both a right set off in divorce proceedings to one spouse to reside in property owned by the other, and a real property tax exemption afforded to householders in most jurisdictions.
Florida law provides that the decedent's homestead cannot be passed by will to anyone if the decedent is survived by a spouse or minor child, except that it can be passed to the spouse if there is no minor child. If the decedent leaves no will and is survived by a spouse and lineal descendants, the spouse receives a life estate and the lineal descendants own the remainder.