Legal Question in Family Law in Pennsylvania
If we divorce, I want the house, which he has agreed to. We bought it together after 3 years of marriage, both names on the deed and both on mortgage. We have lived here for 3 years now. How does this work? Can I pay my ex half of the down payment and half of the equity from the past 3 years, and then convert deed and mortgage to my name? Or is it more complex?
2 Answers from Attorneys
I would suggest you consult with a lawyer to discuss the issues. You certainly should have a property settlement agreement which would specify how the issues are to be determined and whatever mechanism the two of you agree to
divide your marital property.
There are many ways to divide marital assets. Yes you can proceed the way you suggested, but unless you refinance, your spouse will remain liable. Only the equity is part of the marital assets as the down payment simply helped create whatever equity there is.
All assets acquired from the date of marriage to the date of separation are marital assets subject to division. So, you need to look at the whole picture including retirement accounts, bank accounts and any other assets the 2 of you own. That includes any increase in value during the marriage.
If you live in a county near me I am happy to advise you on a free initial basis.
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