Marital property is defined as property acquired during the marriage, including any increase in value of non marital assets. Accordingly, if the house was purchased after you were married, it is clearly marital regardless of whose name is on the deed. If it was acquired prior to marriage, any increase in the value is marital.
Marital debts are defined the same way. If the mortgage was acquired prior to marriage, it is not your debt. If acquired during the marriage, regardless of whose name is on it, it is also your debt.
During a divorce, property is distributed either by agreement or the court. Regarding real estate, there are several options:
1. one of you keeps the house, often refinancing the debt into the owners name, if required, and pays the other a fair share with cash or an offset against other assets.
2. sell the house and divide the proceeds
3. keep the house with one or both of you living there and proceeds to be determined later based on a future sale or refinance
I trust this has been helpful, and, if you live in the Delaware Valley, feel free to call or email me on a free initial basis.
Best Regards,
Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
(610) 489-3041 o
(610) 489-3042 fax
nahrganglaw.com
Answered on Dec 13th, 2021 at 9:33 AM