QUESTION

is there a legal deadline for "buyout" of marital residence after settlement and divorce

Asked on Jan 02nd, 2013 on Divorce - Pennsylvania
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1 ANSWER

Bankruptcy Attorney serving Collegeville, PA at Nahrgang & Associates, P.C.
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There are 2 ways divorce cases with economic claims are resolved: 1)by agreement, or 2) court order.  In number 2, I am not referring to the divorce decree which incorporates any agreement.  Rather, if the parties had to litigate, a distribution will have been determined by the court as opposed to their own agreement. In either event, whatever rights the parties have regarding a buyout or any other matter will be detailed in the agreement or the order.  Both may be enforced as an order of court which is the purpose of incorporation into the divorce decree.  If the agreement or order are not clear, the court may require that the buyout occur within a reasonable time which is decided on a case by case basis. I hope that answers your question but feel free to call or e-mail on a free initial basis  
Answered on Jan 10th, 2013 at 7:13 PM

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