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Dividing the Marital Home in a North Carolina Divorce

Posted on in Family Law

NC divorce lawyerIf you and your spouse are getting a divorce, you likely have concerns about how your property will be divided, especially when it comes to your family home. A house is not only one of the most financially valuable properties for many divorcing couples, it also may carry the most sentimental value. For parents of younger children, the home can also be a source of stability for the family at an unstable time. With all of this in mind, you should be sure that you are prepared for the possibility of dividing your home in the divorce and that you have a plan to achieve your priorities.

Obtaining a Property Valuation

A home purchased during your marriage will most likely be considered a marital asset, which means it will factor into the division of marital property in some way. As such, it is important to understand how much the house is worth. Depending on the shifts in the housing market, the current value of your home may be quite different from the price at the time you purchased it. A professional like an appraiser or realtor can help you determine the value based on the home’s condition and the market in your area.

Understanding Your Options for Dividing the Home

Knowing your home’s value, you can better determine how you want to handle this property in your divorce. One option is to sell the home and divide the proceeds equally, but this may be undesirable if you want to stay in the home for your own sake or your children’s sake. Another option is to negotiate an agreement with your spouse that allows you to keep the home while they keep other marital assets of similar value. It may even be possible to work out an arrangement in which you continue to own the house together while your children are still living at home and then sell the property at a later date.

Considering the Mortgage

Marital debt will also be divided in a divorce, so if you still have a mortgage on your home, it is important to consider how this will affect the division of property. For example, if you sell the home, you will need to use some of the funds to pay off the loan balance before dividing the remaining assets. If you keep the home in the divorce, you will need to be prepared to take full responsibility for the mortgage as well, and it is usually a good idea to refinance to ensure that only the spouse who keeps the home has an obligation to the lender.

Contact a Raleigh Divorce Lawyer

At Vasquez Law Firm, PLLC, we can help you protect your financial interests throughout the divorce process and advise you on the best option for handling your marital home. For a free consultation, call our Wake County divorce attorneys today at 919-533-7000 or 844-967-3536. Hablamos español.

 

Sources:

https://www.nccourts.gov/help-topics/divorce/separation-and-divorce

https://ncleg.gov/EnactedLegislation/Statutes/PDF/BySection/Chapter_50/GS_50-20.pdf

https://www.nerdwallet.com/article/mortgages/how-to-split-home-value-in-divorce

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