Many individuals in the Palmerston area work hard day in and day out to provide for their families. Sadly, this hard work can quickly be dashed when divorce occurs. Given that Pennsylvania is an equitable distribution state, your marital assets will be divided in a way that is fair, but that doesn’t mean that it has to be equal.
Does that sound stressful? It’s understandable if it does. But don’t let your fear of the process force you into fighting for every single asset you can obtain. After all, there may be some assets that aren’t worth owning outright after a divorce.
One of those assets is the marital home. You need to be careful when it comes to this asset so that you know exactly what you’re getting into. Here are your options:
- Treat the marital home like any other asset: If you have a lot of other assets, then you might want to think about which ones are most important to you. If you’d rather have a boat or a retirement account, then think about whether you’d be willing to give up your home for those other assets. If you still lean towards fighting for the house, then keep in mind that you’ll be responsible for the mortgage, insurance, and upkeep moving forward. Many people find this to be financially burdensome considering that they will lose their spouse’s income once the marriage is dissolved.
- Buy out your spouse’s portion of the house: Here, you can simply pay for the other half of the home so that you acquire it without having to address other assets in consideration of who will get the house. Again, be wary of expenses when it comes to taking on the residence. It may not be best for you moving forward. Therefore, it may be worth considering whether selling your interest in the home is best for your financial future.
- Co-own the home with your spouse: This is too difficult of a pill to swallow for most people, but for some it is a realistic and advantageous approach. By co-owning the home, you can provide stability to your children while continuing to build equity. Some parents choose to rotate who will live at the house on a weekly or monthly basis, but, again, this can be challenging on many fronts, not the least amongst them the fact that you’ll have to secure a second place to live while you continue to contribute to the mortgage and upkeep of the family house.
- Sell the home and split the proceeds: This is probably the most common route since it allows the parties to rid themselves of the residence’s costs while pocketing their share of the equity. This can provide you with a financial jumpstart as you begin your new life post-divorce. Just make sure that you have an accurate valuation of the home so that you aren’t cheated out of money that is rightfully yours.
Of course, dealing with the house is just one part of what can quickly become an overwhelming divorce process. But you don’t have to be afraid, and you shouldn’t hesitate to seek help. Instead, consider discussing your situation with a family law attorney who listens and responds to your questions quickly. This legal professional will know how to put your interests first and fight for what you deserve.