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Goldman Law Offices

Finding the best way to divide a co-owned home

When a couple is contemplating divorce in Pennsylvania, they will likely begin to think about the assets they own and strive to determine the best way to divide these assets. With some things, such as savings accounts, it's pretty cut and dry because they can be divided equally. Other things, like a co-owned house, cannot quickly be divided in two. The option exists to sell the home and then divide the profits. However, personal attachments to the home, wanting to raise a family in the home, and one's inability to pay for the home on a single income could impact that decision.

To avoid making regrettable real estate decisions during divorce negotiations, it is practical to create a divorce agreement that has clear and precise language. Some divorcing couples have decided to allow one person to buy the other one out of the home. This usually requires that the property be appraised and then one spouse pays the other in cash. When the payment is made, the deed will be transferred to the sole ownership of the spouse who is paying for the home.

Another option that some divorcing couples have tried is nesting. This option is designed to minimize the impact of the divorce on the children. With nesting, the divorcing couple will continue to co-own the home. Each of them will have a measure of responsibility for the mortgage and other expenses in the home. Then, they will work out an arrangement where the children live in the house full-time. One week, one parent lives in the home. The next week, the other parent lives in the home. On their off weeks, each parent has a separate living location.

It can be challenging for divorcing individuals to make sound financial decisions and real estate decisions. A family law attorney may be able to help their client by representing them during the divorce proceeding. They may provide the client with advice on property division laws as well as asset valuation.

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Goldman Law Offices

90 E. State Street
Doylestown, PA 18901

Phone: 215-348-2605
Fax: 215-348-5247
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