Three Options For Dividing The Family Home
For couples going through a divorce, the future of the marital home is often one of the primary focuses for both parties. The marital home is often one of the most valuable assets for people, both emotionally and financially. Determining what happens to it in the future can be complicated and stir up a number of feelings and practical concerns. It is important to understand your options and approach the situation with a clear and calm head that can help you avoid potential legal issues in the future.
How to Divide the Family Home
When dividing the family home in Pennsylvania, there are typically three options to choose from. These are as follows:
- Sell the home: A common approach taken by couples is to sell the home and divide the proceeds fairly. Under the equitable distribution laws in the state, this does not necessarily mean equally. However, selling the home and dividing the proceeds can make it easier for each party to leave the situation relatively easily and get a new start.
- Buy out your spouse’s share: If one spouse has a particular attachment to the property, and they are financially able to keep the home, it may make sense for them to keep it. They would then have to buy out their spouse’s share. Before one spouse buys the other out of the property, it is imperative that the home is properly valued to ensure that the purchase price is fair.
- Retain the property: There are times when couples may choose to keep the property for specific reasons. For example, if market conditions are not favorable at the time of divorce, a couple may wait until they improve to sell the home. When choosing this option, it is important that a formal agreement is drafted outlining responsibilities for maintenance and the terms of occupancy.
Factors to Consider Regarding the Family Home
There are many options regarding the family home during divorce. Likewise, there are also many factors you should consider first. These include:
- Affordability: If one spouse believes they can afford to keep the home and buy the other one out, the first thing they must consider is whether they can actually afford it. This requires more than just determining that they can afford to buy their spouse out. They must also be able to afford the property taxes, insurance, maintenance costs, and more.
- Tax implications: Selling a home may have tax implications. It is important to speak to an attorney and a tax professional about whether you may face them, and what they may entail.
- Emotional impact: Moving to a new home can provide a fresh start for you and your children. On the other hand, it can also be very difficult to leave the space you raised your family in and have emotional ties to. These are factors that must be considered.
Our Property Division Lawyer in Delaware County Can Advise You of Your Options
At Barbara Flum Stein & Associates, our Delaware County property division lawyer can further help you explore your options regarding the family home and help you determine which one is right for you. Call us now at 610-565-6100 or contact us online to schedule a consultation and to get sound legal advice.
Source:
law.cornell.edu/gender-justice/resource/23_pa._c.s.a._§_3501_domestic_relations_-_property_division
