When a couple gets divorced, they are required to split up their assets. For many couples, the largest asset that they own is their house. Because it is impossible to cut a house in half and highly impractical for a divorced couple to each live in their own separate half of a house, this leads to a large problem. Because of this, in a divorce, who gets the house?
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.
The court will get involved to make the decision for a couple that cannot come to an agreement as to how to split or distribute the house. North Carolina laws follow the doctrine of equal division or equitable distribution. This doctrine allows judges to force the sale of a house, offset one individual's share of the house by giving that individual an equal value in other assets, or order that one party keep the house. The judge, although the one with the final say, will hear argument from both sides as to the nature of the disagreement and the requests of involved parties.
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.
The court will get involved to make the decision for a couple that cannot come to an agreement as to how to split or distribute the house. North Carolina laws follow the doctrine of equal division or equitable distribution. This doctrine allows judges to force the sale of a house, offset one individual's share of the house by giving that individual an equal value in other assets, or order that one party keep the house. The judge, although the one with the final say, will hear argument from both sides as to the nature of the disagreement and the requests of involved parties.
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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