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Selling a home may be best in a divorce

| Apr 1, 2018 | Uncategorized

Pennsylvania spouses approaching the end of their marriages often mourn the loss of many things including their family homes. The emotional ties that people can develop to their houses is understandable especially if they have raised their children in those homes and the kids are still young and living at home. Maintaining consistency for young children is also a reason that many people work to avoid losing their homes in a divorce. 

These things are understandable yet Time Money recommends spouses put such emotional thoughts aside for a bit and carefully review the practical, financial implications of keeping a home after getting divorced. One of the challenges associated with one spouse keeping a home is that a mortgage is generally in both spouses’ names. Refinancing the mortgage into the sole name of the person who wants to keep the house may be in their best interests.

The reasons for this include the problems that may occur if the person who says they will make the payments fails to do so. Regardless of what is in a divorce degree, a lender is likely to pay attention to the names on the mortgage and that may mean that a spouse who does not even live in a home is held responsible for the payments or experiences credit problems if payments are not made.

If you would like to learn more about the things you should take into consideration when deciding how to handle your family home in a divorce, please feel free to visit the property division page of our Pennsylvania divorce and family law website.