Getting divorced can be both emotionally and financially challenging, especially when two spouses are at odds about how to handle matters such as the distribution of assets. In fact, what to do about the marital home can especially be a major area of contention when it comes to property division. A couple of tips may help with effectively addressing the marital home during a divorce proceeding in Pennsylvania.
One option that may benefit two divorcing spouses is nesting. In this setup, the children live in the family home, and the parents simply take turns staying there. The parent who is not staying in the home will typically stay in an apartment that both parties have rented, with both of them splitting the rental costs. Long term, however, it may be helpful for one party to buy the other spouse out, or they could simply sell the property and divide the proceeds.
The benefit of selling the house is that the spouses can both gain money from the transaction and move on with their separate lives. However, selling the house comes with several expenses, ranging from the real estate agent’s commission to making home repairs prior to the sale. These costs usually average to around one-tenth of the home sale price.
Property division can be one of the most confusing aspects of any divorce proceeding in Pennsylvania. This is especially true if both parties are emotionally attached to the marital home and wish to keep it. However, an attorney can provide guidance and help with making informed decisions regarding how best to split a couple’s assets during this type of family law proceeding.
Source: usnews.com, “Divorcing? Should You Divorce Your Home, Too?“, Geoff Williams, Oct. 11, 2017