One of the biggest challenges divorcing couples face in Pennsylvania is deciding what to do with a co-owned family home. Some options include selling the home and splitting the profit, allowing one spouse to live in the home with the children, having one spouse buy the other out, or nesting.
Whatever decision a divorcing couple makes regarding the family home, it is important to plan ahead. Failure to plan can lead to financial mistakes that will be regretted in the future. One option that some divorcing couples with children have opted for is to wait until a future date to sell the home.
For example, a divorcing couple may have children who are still in school. They want their children to finish school with the stability that comes from living in the same home that they have grown up in. During the divorce negotiations, a divorcing couple can set a date for when the house would go on the market. The language that is used in determining this future date needs to be clear and unequivocal. The more direct the language is, the less likely there will be questions or doubts in the future.
Setting a time to put a home on the market that is a year or so in the future gives both divorcing individuals time to calm down. They are able to sell the home when the market will give them the best return as opposed to trying to sell the home in a rush of emotions and losing money in the process.
A person who is going through the divorce process may benefit from talking to a family law attorney. A family law attorney may be able to represent their client in court, advise their client on how to handle shared accounts or property division, and provide practical assistance in addressing other issues that could arise during the divorce.