Depending on the part of Pennsylvania, real estate can get quite expensive. This makes it difficult for spouses to retain the marital home after the divorce because it will require a large outlay of money. However, one silver lining to the current economic situation is that it may be easier for a spouse to stay in their home post-divorce.
Falling real estate values will mean that the other spouse’s share of the marital home has gone down in value. When a spouse gains the ability to stay in the home, they will need to either write a check to the other spouse or give them a larger share of the marital estate. The amount to pay is based on the current market value of the home. When that number is lower, it will reduce the cost to the spouse. At the same time, low-interest rates will increase the opportunity to save money when the spouse is able to refinance their mortgage.
Before attempting to retain the home, the spouse must make sure that they have the financial wherewithal to do so both now and in the future. They should avoid a situation where they have to put all of the money they have into the home. If they have the funds, buying out the other spouse is a great way to invest in real estate.
The other spouse is not always amenable to giving up the marital home. A family law attorney may help his or her client with the negotiation process so that this can be worked out in the divorce agreement. Sometimes, this question ends up in front of a judge. When that happens, the lawyer could help advance his or her client’s position and persuade the judge to let the client keep the family house.