Property division is one of the most important matters you’ll deal with in your divorce. Among the many kinds of property and assets you may have to split with your spouse, deciding what to do with your marital home can be a point of contention, depending on the situation.
Your divorce lawyer can skillfully handle all of your divorce-related issues, including property distribution, to work toward a beneficial result.
How Is Property Division Handled in Pennsylvania?
Pennsylvania is an equitable property state regarding property division in a divorce. This means marital property is divided between spouses in a way that is fair (“equitable”) to both parties. This differs from community property states in which marital property is divided 50/50 between spouses.
Only marital property is available for distribution. Marital property is property acquired by spouses after entering the marriage. Separate property, or property each spouse owns before they’re married, is not up for distribution.
What Happens to the Marital Home in a Divorce Case?
The house you shared with your spouse is typically considered marital property, even if only one spouse is on the deed, as long as the home was purchased during the marriage. What ultimately happens to the marital home depends on the circumstances.
One Spouse Can Keep It
It is entirely possible for one spouse to keep the home. This occurs most when one spouse is interested in the house, and the other agrees to let them have it. Otherwise, it can become an issue.
It’s important to note, however, that if you intend to keep your marital home, you must successfully obtain your own financing.
The House Can Be Sold, and Profits Split
In many cases, the marital home can be placed for sale, and once sold, the profits are equitably split between the spouses. Both spouses may decide on their own this is what’s best for them. Otherwise, a judge may come to this conclusion.
Keeping vs. Selling – The Benefits of Both
Every spouse feels differently about their marital home. Some may have an attachment to the house and wish to keep it, while others can’t get rid of it fast enough. There are pros and cons to both.
Generally, spouses aim to remain in the home for stability, especially when children are involved. Additionally, location and value are motivators for wanting to keep a house.
Selling the house is a great option for spouses who want to put the past behind them and start fresh after their divorce. Selling the home and getting your share of the profits can also help your financial situation post-divorce.
Allow a Skilled Divorce Attorney to Represent You for the Best Possible Outcome
Regardless of your situation, a qualified divorce attorney can handle your divorce case, including the matter of property division.
The legal team at Purdy Law Office, LLC has been representing divorcing clients for over 15 years. We approach every case and client with patience and compassion as we work diligently to achieve a favorable case result. Contact our firm today at (717) 421-1120 to schedule your consultation.