Charlotte Divorce Lawyer Blog
Who Keeps the Home in a Divorce?
The marital home is likely one of the most valuable of all your assets. When couples divorce, they need to come to an agreement about how to divide their property, including the house. It is important to have a good understanding of your options so you can make a decision that is best for you and your family. A knowledgeable divorce attorney will answer your questions and help you through the process to achieve an equal distribution of your assets.
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Options for Dividing the Marital Home
North Carolina law requires the equitable distribution of marital assets in divorce. Couples need to take care to ensure that they properly divide everything they own, including their house. Both you and your spouse generally have an equal share of the home. There are several options to choose from handling the home.
Buy Your Spouse’s Share of the Home
You may elect to buy out your spouse’s share of the marital home. This allows you to own it yourself and your spouse will no longer have any interest in the property. You may choose to keep it or sell it now or in the future. If you choose this option, you need to be aware of the many costs associated with home ownership so you will be certain you can take on this responsibility alone.
Sell Your Share of the Home to Your Spouse
If your spouse wishes to keep the home, you may agree to sell your share of the house. You will need to know the value of your home to be sure that the offer you receive is a good one. Don’t make a hasty decision. Instead, take time to review the details of the offer to make certain that it is fair.
Sell the Home and Share the Proceeds
When neither party wishes to buy the other out, they may choose to sell the home and share the proceeds. However, depending on the location and market, it can take some time to complete the sale. You may also realize that you want to take care of some maintenance or repair issues before you can put the house up for sale.
Continue Joint Ownership of the Home
In some cases, you may prefer to continue to own the home together for a period of time. This may be best in situations where you owe more than the value of the home or when you want to continue to raise your children in the marital home.
Gather Information To Make a Decision
You will need to gather information necessary to make an informed decision about your home. No matter how much you like your residence, you must ensure that your choice is based on the facts. Get the current fair market value of the house. You can obtain this through a real estate agent or by having an appraisal done. Next, you need to understand the amount of money you owe on the mortgage and the equity you have in the home. You will also need to consider the cost of selling the home as well as taxes.
You can then calculate how much money you can expect to receive from the home under the various scenarios. Keep in mind that the valuation may be different when one of you owned the home separately before you wed. An experienced divorce attorney will assist you in reviewing the complex matter of division of property, such as how to divide the home. To learn more about distribution of assets, contact us at Arnold & Smith, PLLC at (704) 370-2828 to schedule a consultation.
The family law practice group at Arnold & Smith, PLLC includes four Board-Certified Family Law specialists and one Child Welfare Law specialist, as well as several attorneys with many years of family law experience that are committed to providing a powerful voice to individuals facing the often-tumultuous issues in this area of law. The range of issues our family law clients may be facing include pre- and post-nuptial agreements; separation agreements; post-separation support; child support (both temporary and permanent); absolute divorce; divorce from bed and board; military divorce; equitable distribution of assets; child custody (both temporary and permanent); retirement benefits and divorce; alimony and spousal support; adoption; and emancipation. Because this area of the law is usually emotionally charged and complicated, the family law attorneys at Arnold & Smith, PLLC act with the utmost dedication to ensure that each client understands his or her options, and then act to achieve the best result possible for that client’s particular situation.
Source:
https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-20.html
https://www.investopedia.com/ask/answers/072915/how-market-value-determined-real-estate-market.asp
Image Credit:
https://www.freeimages.com/photo/house-on-a-farm-1221758
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