Pennsylvania couples may be interested in an article describing what should be done during a divorce if they own a home togehter. Refinancing, selling and filing a quitclaim deed are just some of the ways to smooth this transition.
Getting a divorce while owning a home together can introduce complex property division issues for a couple. Before moving forward with the divorce, experts recommend that each spouse should review their individual credit report to ensure that there are no errors. If one of the spouses wishes to keep the house after the split, the one remaining will generally need to refinance the home in their own name. Therefore, their credit needs to be good enough to make this happen. Starting this process early will allow time to fix any issues or improve their credit score before it is too late.
A few other potential situations could arise, as well. In instances where one or neither of the spouses has the necessary credit rating to refinance the house, the property should be sold. When a couple is still married and one spouse wishes to purchase a new home, both spouses may still have a legal interest in the property. In order to avoid having to divide the property at the time of divorce, the other spouse should sign a quitclaim deed releasing any legal claim to ownership of the house.
Property division can be one of the more difficult aspects of a divorce. An attorney who has experience in comprehensive property settlements may be able to help negotiate and prepare an agreement that will take into account the disposition of the home as well as other items.
Source: Credit.com, "How to Divide Your House in a Divorce", Scott Sheldon , July 09, 2014