In a divorce, couples are required to split any assets they have. For most, the most significant asset is the house. Since nobody's going to saw a house in half, and it makes little sense for a divorced couple to live in separate areas of the family home, this can lead to problems. So the question is, who gets the house in a divorce?
It's important to understand how property and assets are treated in North Carolina in a marriage and divorce. Commonly, any asset that is obtained during the marriage is considered marital property. Property that was obtained prior to the marriage is considered separate. As the majority of couples wait until they are married to buy a home, a couple's home is most often considered marital property (unless one spouse bought the home prior to marriage). The couple is responsible for having to figure out how to divide marital assets. In North Carolina, they are allowed to do this outside of court. Sometimes, if there are sufficient finances, one spouse can negotiate to buy out the other spouse of their share in the home. Often times though, this is not a possibility, due to financial considerations.
In the event that a couple is unable to negotiate an agreement on how to split or divide the house, the courts can get involved to make a decision. North Carolina courts follow the doctrine of equitable distribution or equal division. Along these lines, a judge can force the couple to sell the home, order that one party retain the home, or arrange for one spouse to offset the loss of the other by assigning an equal value of assets to that spouse in exchange for the home. The judge will hear both sides of the argument and all the details of whats involved before making a decision about the future of the home.
If a couple needs a Judge to divide marital assets, the judge will consider several factors when dividing marital assets related to the couples home. If there are children involved, the judge will take into account who will have custody of the children when deciding things about the house. Leaving the family home can be very challenging for small children, and so judges often favor leaving the home with the spouse with custody. One factor that comes into play is whether that individual will be able to pay for the house. While often one spouse cannot pay for the house by themselves, they may be eligible for alimony payments that help cover the expense of the house, with the assistance of the other spouse.
An experienced family law attorney, like the ones at Minick Law, can offer a personalized compassionate consultation, and help you navigate this difficult process. It is essential to speak to an attorney so that you can understand where your case stands.
It's important to understand how property and assets are treated in North Carolina in a marriage and divorce. Commonly, any asset that is obtained during the marriage is considered marital property. Property that was obtained prior to the marriage is considered separate. As the majority of couples wait until they are married to buy a home, a couple's home is most often considered marital property (unless one spouse bought the home prior to marriage). The couple is responsible for having to figure out how to divide marital assets. In North Carolina, they are allowed to do this outside of court. Sometimes, if there are sufficient finances, one spouse can negotiate to buy out the other spouse of their share in the home. Often times though, this is not a possibility, due to financial considerations.
In the event that a couple is unable to negotiate an agreement on how to split or divide the house, the courts can get involved to make a decision. North Carolina courts follow the doctrine of equitable distribution or equal division. Along these lines, a judge can force the couple to sell the home, order that one party retain the home, or arrange for one spouse to offset the loss of the other by assigning an equal value of assets to that spouse in exchange for the home. The judge will hear both sides of the argument and all the details of whats involved before making a decision about the future of the home.
If a couple needs a Judge to divide marital assets, the judge will consider several factors when dividing marital assets related to the couples home. If there are children involved, the judge will take into account who will have custody of the children when deciding things about the house. Leaving the family home can be very challenging for small children, and so judges often favor leaving the home with the spouse with custody. One factor that comes into play is whether that individual will be able to pay for the house. While often one spouse cannot pay for the house by themselves, they may be eligible for alimony payments that help cover the expense of the house, with the assistance of the other spouse.
An experienced family law attorney, like the ones at Minick Law, can offer a personalized compassionate consultation, and help you navigate this difficult process. It is essential to speak to an attorney so that you can understand where your case stands.
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