Divorcing Pennsylvania couples will need to divide their marital property as part of the process, and this could include a home. While one person might want to remain in the home, that person should consider whether doing so might be difficult emotionally. They should also make sure that they will be able to afford the mortgage on just one salary.
A person who does decide to keep the home might buy out their spouse. The other spouse can then use the cash to purchase a new home, but they should be sure that they have been removed from the mortgage. The party who is staying in the home might need to refinance the existing loan so that the other party can qualify for a new mortgage. The couple might also decide to postpone a decision about what to do with the home and retain joint ownership for a while. One may continue living in the house during this time.
Selling the home is another option. However, people should keep in mind that the proceeds from a home sale may be divided unequally if a court is making the determination. Who made the down payment and other factors might affect this.
One of the first steps people who are considering divorce might want to take is looking at their financial situation including their income, assets and liabilities. Marital debts will have to be split as part of the process as well. People should not allow the emotional aspects of divorce to overwhelm them and lead to poor financial decisions. Those who want the divorce over with quickly or who feels guilty about the divorce might make too many concessions during the negotiations over property division. This is one reason why having the assistance of an attorney throughout the process might be advisable.