Getting a divorce means moving on, sometimes quite literally. While discussing property division, couples will inevitably come around to the question of what to do with the house. Divorce may already be fraught with emotion, and if one is emotionally attached to a home, letting go of it may be difficult. Couples who are ending their marriages in Pennsylvania may wish to consider their options.
The simplest solution may be to sell the house and divide the profit. This eliminates the mortgage debt which may be a burden for one person to carry alone. If the market is poor, however, the house may sit for a while, costing the couple more money. In this case, they may consider renting it out. Divorcing couples should also be aware of any taxes that they may owe if they make a profit selling the house.
Another option is for one ex-spouse to buy out the other. This may be a time when a person must put emotions aside to determine if it is feasible and necessary to buy the ex's share in the home. If one ex-partner truly wants to keep the house but cannot afford it at the time, the other may agree to delay the buyout until the buyer is financially able. Some couples agree to share the house, living as roommates, but this complicated arrangement requires come careful discussion.
When dealing with property division in a divorce, Pennsylvania couples may need to approach it rationally and practically. No matter what a couple decides to do with the home, some find it beneficial to seek advice from an attorney whose experience will help guide them in their decision making. An attorney may also be able to foresee situations that the couple cannot because of their emotional attachment to the home.
Source: foxnews.com, "How to Divide a House When You're Getting a Divorce", June 7, 2016