Who Gets the House in a Divorce?
Division of property is a major factor in a divorce. What will happen to the marital residence is often the first question divorce clients ask. There can be many factors that go into how a judge decides how a marital home should be divided. If you or someone you know is going through a divorce, there are a few things you should know about the marital home.
Pennsylvania is an Equitable Distribution State
Courts take in a few factors when determining how assets should be divided between the parties. Factors include the length of the marriage, the ability of each spouse to be employed, the debts and needs of each spouse, and the ability of each spouse to support themselves after the divorce. The court must also determine the value of the marital home.
Make Sure You Can Afford to Keep Your Home
There may be emotional reasons as to why you want to keep your home rather than move out, but sometimes the financial cost of the home may be too much for you to afford on your own. Hiring a financial advisor can help you figure out whether you can afford to keep your home or if giving it up is in your best interest.
Work It Out with Your Spouse
It can be beneficial to both parties to try to work out the matter of who gets the home amongst each other first before taking the case to court. Going to court can be expensive and may lead to a decision that can seem unfair to one or both parties. If both parties cannot come to an agreement, then court may be the only option and a judge will have to decide.
How is the Home Divided?
The home may be divided in one of two ways between parties:
- The home is sold and both parties split the proceeds. This may be the best option when neither party can afford to cover the cost of the home on their own.
- The home is retained by only one party and the value of the home is attributed to the party retaining it. The purpose of this would be to effectuate an equitable distribution.
In Pennsylvania, a divorcing couple may enter into a property settlement agreement, which documents their agreed upon terms. They must submit the property settlement agreement to the court so that it can be added to their final divorce decree.
Bucks County Divorce Lawyers at Freedman & Lorry, P.C. Represent Clients Going Through a Divorce
If you are going through a divorce and have questions about property division, contact a Bucks County divorce lawyer at Freedman & Lorry, P.C. today. Our experienced lawyers will fight for your rights. For a free consultation, contact us online or call us at 888-999-1962. Located in Philadelphia, Cherry Hill, New Jersey, Pinehurst, North Carolina, we serve clients throughout Pennsylvania.