Individuals in Pennsylvania and elsewhere across the country who are hoping to avoid any costly missteps during the divorce process may want to pay particular attention to their options regarding the marital residence. The question of what to do about the house might be best addressed when the parties clearly understand the effect of the divorce on their home, taxes and mortgage.
The availability of specific, straight-forward information may be crucial to the process and might best be supplied by a neutral third party who is familiar with the many possible financial ramifications of divorce. Although every situation is unique, consideration of a number of broad questions concerning each spouse’s degree of attachment to the home, desire to make a fresh start and the feasibility of refinancing could ultimately lead to a better decision.
Deciding whether to sell the property and divide the proceeds, retain ownership or allow a buyout of one spouse’s interest by the other are basic options that could each have merit dependent on a combination of emotional and financial factors. When considering these basic housing options, it is paramount to recognize that each choice is accompanied by its own financial implications.
Navigating a divorce may be stressful, and the parties could find that the most beneficial result is achieved when decisions are based on logic rather than emotion. In Pennsylvania, divorcing parties who have questions in regard to the protection of their financial futures may want to seek counsel with an attorney. A lawyer may be able to help a divorcing spouse throughout the separation process.