Dividing Real Estate in a Delaware County Divorce
Deciding What to Do with the Family Home
Divorce can be a very emotional experience; there are a lot of difficult decisions that you’re going to have to make. You aren’t just ending a personal relationship. At some point, you’re going to have to divide your marital assets.
Splitting up your marital assets isn’t just painful – it can also be complicated. It involves tax laws, retirement planning, and placing a monetary value on the things that you and your spouse own together.
For many people, your home is your largest asset and it can also be the source of your fondest memories. Deciding what you’re going to do with your primary residence and any other real estate the couple owns is an important part of putting your financial affairs in order and getting on with your life.
When you have the right Delaware County divorce attorney on your side, everything becomes a lot easier. Sheryl Rentz has more than 25 years of experience practicing family law. She’ll help you find the best way to divide your assets amicably – but if there are any serious disputes, she’ll fight to protect your interests.
Contact the Law Offices of Sheryl R. Rentz, P.C. Call (866) 645-0100 to schedule a consultation today.
Dividing Marital Assets
Marital property includes property and assets acquired during the marriage until the date of separation. Any property or assets acquired before the marriage are considered separate property and not subject to division. And some assets that are received during the course of a marriage are also considered separate property.
Examples of separate properties include:
- An inheritance
- Property and assets acquired before marriage
- A gift given to one spouse that is not deposited into a joint account
The ideal situation is for you and your spouse to amicably decide how you want to split up your property. But this can be difficult under the best circumstances because the value of real estate and other assets is constantly fluctuating.
Many couples who are going through a divorce find mediation to be a great way to settle disputes and reduce conflict, and mediation can also assist with property division.
Your divorce attorney can assist you with asset valuation, tax laws, and the best strategies for protecting your personal finances.
When it comes to dividing marital assets, Pennsylvania is not a 50/50 state. If you and your spouse are unable to come to an agreement, the court will decide a fair division of marital assets using a legal principle called equitable distribution.
How Is Real Estate Divided in Delaware County, PA?
There are three options for settling disputes about real estate during a divorce:
- Sell the property and split the assets
- One party buys the other out
- Defer to sell the property at a later date
Continuing to own real estate jointly with your former spouse has some advantages, but it can also create complications. If you decide to continue to own property together and sell it at a later date, the spouse who maintains custody can continue to raise your children in the same home. Real estate may go up in value over time, and it can also be a source of rental income for you and your former spouse.
When you share ownership of a piece of real estate with someone you aren’t married to, it’s called having tenancy in common. One thing you’ll want to consider is that the tax laws are different than they are for married couples. Also, each partner will now own a separate share of the house. If either of the former spouses files for bankruptcy or they are experiencing debt issues, creditors may be able to force a sale of the property.
Contact Our Offices Today
Sheryl R. Rentz has a perfect 10.0 rating on Avvo. She knows how to listen and she’ll help you through this difficult time.
Contact the Law Offices of Sheryl R. Rentz, P.C. to learn more today.
You can reach us by calling (866) 645-0100.