So what happens to the house during a divorce? That’s one of the most common questions we get from our clients once divorce papers are filed and we begin discussing Pennsylvania’s equitable distribution scheme. Since this is a question we get from almost all of our clients, our Western PA Division of Property Lawyers decided to share that answer with all of our readers in today’s blog.
Regarding the martial home, and the same goes for all marital assets, it’s going to be divided between the parties. This is the general rule under Pennsylvania divorce law, each party is entitled to half of what they obtained while they were married. But like you know, you can’t literally divide a house in half. So to fix this problem there are one of two potential solutions:
1) One party gets to keep the marital home and gives half the value to the other party, or
2) The parties sell the house and split the proceeds of the sale.
What happens after this decision is made depends on which of these two options you choose. If one party decides to keep the home and give the other half the value of it, the party who isn’t keeping the house needs to be sure to do a few things. First and most importantly, he or she needs make sure that their name taken off the mortgage, if any. This will protect them from any future liability if the other party fails to make payments.
If the parties choose to sell the house and split the proceeds, time is of course a factor. There’s no way to know exactly how long it will take for the house to be sold, so parties need to take that into consideration when making a decision.
If you are facing a Pennsylvania divorce and want more information about Pennsylvania’s equitable distribution scheme, contact the Pittsburgh Family Lawyers at Lisa Marie Vari & Associates. Our team of experienced Pennsylvania divorce attorneys will work with you and provide you with the legal representation you need throughout the divorce process. Don’t delay, contact us today to schedule a consultation.