Marital Property and Divorce
The home that a family lived in during a marriage is a marital asset that a couple owns together. This asset may get a lot of attention during divorce proceedings. Ultimately, what happens to a house after divorce will depend on many factors. With the help of our legal team at Rubin, Glickman, Steinberg & Gifford, P.C., you can be rest assured that your legal rights are protected during the entire legal process.
Things to Consider
The date that the home was purchased is a major consideration in the division of the property during a divorce. If the home was owned by one spouse before the marriage, this may be considered separate property not involved in asset division. The original owner may retain the ownership of the home. However, if the property was purchased during the marriage, it is considered a marital asset unless another agreement has been made. In equitable distribution states such as Pennsylvania, this means that property must be split equally between spouses. Even if one spouse previously owned this before the marriage, the asset is subject to partial division if it was commingled with the marital estate in the marriage. However, the two spouses may be able to come to a mutual decision with the help of one of our experienced divorce attorneys.
Selling the Home
The parties may agree to sell the home or a judge may order the house be sold. This option works best when neither spouse can afford the house on their own. The proceeds of the sale may be split equally by agreement or by proportionate share based on each party’s contribution to the home. One spouse may also choose to keep the home by buying out the ownership interest of the other spouse. A legal agreement could be drafted in order to remove the second spouse from the deed/mortgage. If the spouse doesn’t have enough liquid cash to buy out the second spouse, they may agree to give up other assets in the marital estate that would equal the ownership interest of the second spouse.
About Deferred Sales
If the couple divorcing has children, they may agree that the spouse with primary custody will continue to live in the home until the children reach a specific age. At that time, the house would be sold and the proceeds split between the two parties. The downside of this is that the spouse not living in the home may find it difficult to be approved for another mortgage when there is another one open in their name already.
In some instances, when a divorce is pending, one spouse may be granted exclusive occupancy rights of the home. This can occur even if the other spouse also owns the property. The other spouse will have to find somewhere else to live while the divorce in pending.
Contact a Colmar Family Law Attorney for a Consultation About Divorce in Pennsylvania Today
If you are thinking about filing for divorce, or if you have already started the divorce process and are dealing with another matter such as child custody, child support, or division of assets, you need to speak with a qualified attorney. The Pennsylvania family law attorneys at Rubin, Glickman, Steinberg & Gifford represent clients throughout southeastern Pennsylvania, including Newtown, Doylestown, Lansdale and Ambler. We understand how challenging this time can be for you, which is why we will fight hard to protect your interests, and the interests of your loved ones, throughout the legal process. Call us at 215-822-7575 or fill out our confidential contact form to schedule a consultation. We have an office conveniently located at 2605 N Broad St, Colmar, PA 18915, as well as an office located in Newtown, PA.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.