Pennsylvania couples going through a divorce have several options to consider when handling their home. What might you do with your home when dividing your marital property?
Option 1: You may sell your home
One of the most straightforward approaches is to sell the house and split the money you make from it. This is a simple way to divide the property and start fresh. You need to agree on when to sell and how to share the money.
Option 2: You or your spouse may buy out the other
If you want to keep the house, you can buy your spouse’s share. This means refinancing the mortgage in your name and paying your spouse for their share of the equity with funds or by exchanging other property. This works if you can afford the mortgage on your own.
Option 3: You might remain co-owners
Some couples may choose to temporarily continue co-owning the home. You might choose to do this until your children reach a certain age or until the market allows you to receive a better sale price. This arrangement requires clear communication and agreement on issues like mortgage payments, maintenance and property taxes.
If neither of you wants to live in the house but you want to remain co-owners, renting it out can also be a viable option. This allows you to generate income from the property, which you can divide between yourself and your ex or use to cover mortgage payments. It is important to agree on how to manage renting and think about what it means to keep the property long-term.
The right option for you depends on your unique situation
When dividing property like your home in a divorce, the right outcome depends on your unique situation. Each path offers its own set of benefits and challenges. With the right information and legal guidance, you can reach an outcome that reflects your priorities.