When a State College resent gets married the furthest thing from their mind is whether their perfect relationship will end in divorce. Unfortunately for many couples, a divorce is often where a relationship is destined to end. During the divorce proceedings, asset division is often a tricky area to work through. And for high-asset divorces, dividing property can be contentious.
A family home is often one of the largest assets a couple has together. There are also years of memories attached to the home making it a difficult decision with what to do with it in a divorce.
- Sell the home. Most Pennsylvania residents opt to sell the house in a divorce and then split the proceeds. This can be one of the easiest ways to deal with the house and make a clean break.
- Buy out the other party. Often one of the spouses would like to remain in the home. If possible, they can buy out the other party’s share of the home and refinance the mortgage in their name.
- Divide large assets. Many high-income couples have multiple large assets. It can make sense to divvy up the assets that are worth roughly the same amount such as the family home, vacation home, or large stock portfolio.
- Co-own the family home. A couple may choose to own the home together for a set period of time. This can be until the children graduate from high school or some other event occurs. After the specified date the home may be sold, and the profits split as agreed.
A legal professional who is skilled in family law can help protect their client’s best interests during a divorce. They can explain their options and represent them during the entire divorce process.