While going through divorce proceedings, deciding which party may be entitled to what property can become a complicated endeavor. Factors such as Pennsylvania state laws on property division as well as how much each individual believes certain property to be worth can play major roles. As a result, it is important that each person involved understands the options for dividing assets.
The home that a couple shared is often one of the biggest points of contention when it comes to dividing property. If neither party wants to keep the house, the situation may not be as complicated. If state law allows, the couple may be able to sell the property and then split the amount made between the two parties.
The situation can become more complicated if one party does wish to maintain possession of the house. In such a case, it is important for the value of the home to be agreed upon. If the value is not felt to be the same between each party, having the property assessed may be an option that they wish to take. If the assessment is agreeable to all parties involved, the division can be made in line with what the division laws allow.
In some cases, a simple assessment of the value and one party wishing to claim the property may lead to an uncomplicated resolution to the property division issue. Unfortunately, not all cases go as smoothly, and knowledge on Pennsylvania asset division laws may be helpful in determining how an individual may be most likely to obtain property they hope to remain in possession of. Such laws can vary from state to state, and reliable information for a person's circumstances would likely best suit the situation.
Source: Huffington Post, What to Do With Your House in a Divorce Case [Infographic], Christian Denmon, Denmon & Denmon Trial Attorneys, Dec. 9, 2013