Pennsylvanians who are going through a divorce might be left struggling to figure out what to do with their marital homes. In some cases, a spouse will be given the option of either choosing to remain in the home or selling it and splitting the proceeds with the former spouse. There are several options a divorcee in Pennsylvania should consider before making a final decision on whether or not to keep a marital home.
If the house’s mortgage is paid off but property taxes and other expenses are high, the person may want to forgo staying in the home. The house may also simply be too large for a single person who no longer has children living at home. Property owners should also consider the maintenance and repair costs that the home might need. While a home can be a major asset, it can also be a big expense.
If there is a mortgage on the home in both spouses’ names, the spouse who stays may be required to refinance it. In some cases, it is difficult for a person to refinance a mortgage on his or her own. The owner might also have to buy out his or her spouse’s interest in any equity that has built up in the home.
People may want to discuss these issues along with their financial condition with a family law attorney. A lawyer might advise the client about different ways to divide the property in order to have the most benefit. Lawyers can also help clients reach negotiated settlements.