One of the most important decisions a Pennsylvania resident who is going through a divorce will make is whether or not to keep the marital home. It may be tempting to take a home that has no mortgage on it, and it may be even more tempting when the alternative is to sell and split the proceeds with a former spouse. However, it may be a good idea to talk with an adviser about whether staying or selling is the right decision.
This is because the mortgage is not the only expense associated with a home. If it needs repair and other upkeep, that could cost money a newly divorced individual may not be able to spend. It also costs money to heat and cool a home, so that is another cost that would need to be taken into consideration.
In some cases, it may be best to sell the home, take the money and use it to start fresh after the divorce. The proceeds may help pay for a home or apartment more in line with a single income. Proceeds may also be used to pay off debt or start a retirement fund. While a smaller home may not make an individual feel wealthy, it may mean having extra financial resources compared to when that person was married.
During a divorce, all marital property may be eligible to be split between the two parties. It may be a good idea for an individual to consult with an attorney who may be able to explain the process in further detail. Legal counsel may be able to hire outside professionals who have experience with finding hidden or obscured assets.