Refinancing may help one who keeps home after property division

One of the biggest areas of contention for divorcing couples in Pennsylvania is what to do with the family home. In some cases involving property division, a spouse decides to keep the home, while the other spouse keeps more of the rest of the assets instead. For the spouse who keeps the house, refinancing might be a wise move following the divorce proceeding.

A major reason to refinance following divorce is to secure a lower mortgage payment. Mortgage interest rates today are not as high as they were during the 2008 recession. Even though they have gone up recently, these interest rates are still relatively low historically.

For those who have not refinanced during the past few years, they very well may be able to lower their payments. This may be particularly valuable following divorce, when cash flow may be tighter than it has been in years. With refinancing, the spouse who stays in the house may be able to increase his or her financial security in the years following the marital split-up.

In addition to dealing with the marital home, other assets may be challenging to address during property division in a divorce proceeding. These assets may include the family car and even retirement plan savings, for instance. If possible, the spouses may want to try to resolve any divorce disputes involving asset division at the negotiation table or through mediation rather than going through more costly and stressful traditional divorce litigation. Either way, an attorney in Pennsylvania can offer the necessary guide to ensure that one attains one's fair share of the marital assets.

Source: forbes.com, "Til The House Do Us Part: The Top Five Reasons To Refinance After Divorce", Jason Crowley, Nov. 27, 2017

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