Is your home community property or up for equitable distribution? I represent Main Line PA divorcing couples in the sale of homes. This is a really important questions that you need answered and is not always straight forward. Let me break down what these mean and what it means for you, and your interests.
So, according to Divorce Net by Nolo “the courts will divide your assets under one of two basic schemes: community property or equitable distribution.”
Community property is in the minority of states including, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, and Alask. Your home may be classified as community property if it was acquired during the marriage and as a result the proceeds from the sale are split 50-50. However, If one spouse bought the house before the marriage, it is considered separate property. Divorce is governed by state law and there are exceptions to these rules, so be sure to check with a local divorce attorney for the intricacies of your case. Now moving on to the majority of states that are equitable distribution. If you live in the remaining states, including Pennsylvania, property acquired during a marriage property will be divided fairly and equitably based on factors deemed by the courts. According to Legalzoom, some of these factors can include spousal income, earning potential of each spouse, and the value of spouse staying home and raising children. This might not seem as clear, or as clean cut. If you are divorcing on The Main Line and would like to learn about home selling from a non biased third party, I am an expert in the division of property. I also have great resources for divorcing couples.
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