What To Do With The Marital Home During Divorce
The property division process during divorce is always complex and one of the most challenging aspects of it is deciding what to do with the marital home. Pennsylvania is an equitable distribution state, which means property is divided fairly although not necessarily equally during divorce. Many people do not know how to divide the marital home during divorce because it is impossible for each spouse to take half of the home.
There are many options regarding the division of the family home including selling it, allowing one spouse to keep it, or jointly owning the home together. Below, our Media property division lawyer explains these options further.
Selling the Marital Home
Couples often choose to sell the marital home, as it is the simplest way to divide it during divorce. Once the home is sold, the proceeds are used to pay off the mortgage and the two spouses will divide the remainder. Selling the marital home is one of the most common ways this type of property is dealt with during divorce.
Allowing One Spouse to Keep the Family Home
It is also not uncommon for one spouse to really want to keep the home. The home may be close to their work, or they may want to keep it for sentimental reasons. Spouses can agree on who keeps the home during divorce but if both spouses want to keep it, a judge will make the final decision. If one spouse keeps the home after divorce, they will have to buy out the other spouse. Sometimes, the spouse who does not keep the home is awarded additional alimony or other property that is of similar value.
There are many things to consider if you want to keep the marital home during divorce. You will need to refinance your mortgage so that it is in your name alone, and you must make sure you can afford the payments. In addition to the mortgage, you must also make sure that you can afford the property taxes, the cost of maintaining the home, and other factors that come with home ownership.
Co-Owning the Home
It is rare for two people to co-own a home after divorce but sometimes, this is the most practical option. A couple may decide to keep the home and use it as a rental property, or they may want to keep a stable and similar environment for their children. In the latter option, the children remain in the home but the parents visit on alternating weeks. When a couple gets a divorce during a time when market conditions are not good, they may decide to keep the home and sell it once they improve.
Our Property Division Lawyer in Media Can Help You Determine Which Option is Right for You
Making decisions about the marital home during divorce is never easy. At Barbara Flum Stein & Associates, our Media property division lawyer can review the facts of your case and help you determine which option is right for you. Call us now at 610-565-6100 or chat with us online to schedule a consultation so we can get started on your case.