For many Pennsylvania families, the biggest household asset is the actual home. But, a home has more than monetary value; a home also has emotional value. It is the place where your son took his first steps and your daughter got ready for prom. If your house is the only home your children have ever known, it may be hard to move, especially after the turmoil of a divorce.
But, there are also good reasons to consider selling the home. If your marriage or divorce was traumatic, keeping the home can make it hard to move on. And, it can be extremely expensive to maintain a house on one income,
Here are five things to consider before deciding to keep or sell your marital home:
- Your home’s current value: Home values in Philadelphia were affected by the housing market crash. Your house may be worth less than the amount owed on your mortgage. If this is the case, you could end up owing money even after your home is sold. You should know the current value of your home and the likelihood that it will sell before you make your decision.
- Your income. Do you earn enough to pay home’s mortgage as well as bills, utilities, and upkeep on a single income? What would you have to sacrifice in order to keep the house?
- Your children. How old are your children? Are your children emotionally attached to their current home and school system? Would you be able to find a more affordable home or apartment in the same area?
- Your emotions. Why do you want to keep (or sell) the house? Is the home associated with happy memories or are you holding on to a past that no longer exists? Your reasons are ok, but you should understand your attachment to the home.
- Your household needs. Will the home still meet your family’s needs? If the children are only with you part of the time, you may want to consider a smaller place. If you are starting a home-based business, you may need to move to a house with room for an office.
The Philadelphia divorce attorneys at Petrelli Previtera Schimmel understand both the practical and emotional concerns involved when deciding whether to keep the marital home after a divorce. We can help you work through this and any other issues regarding the division of marital property. To schedule an appointment, contact Petrelli Previtera Schimmel at 215-523-6900.