In North Carolina, when a couple gets divorced, they are required to split any assets they have. In most cases, the largest and most significant asset is the family home. Since a home is an impossible thing to divide physically, and since most couples are unwilling to live in separate parts of the same house, 'who gets the house in a divorce?' is an understandably common question.
To determine who gets the house in a divorce, we must first define how assets and property are treated in a marriage and a divorce. Generally, in North Carolina, any assets or property that are acquired by the couple during their marriage are considered martial property. Additionally, property that is not acquired during the marriage is considered separate property. Typically, because most couples wait until after they are married to purchase a home, their home will be considered marital property (unless one spouse owned a house prior to the marriage). As such, the couple must determine who gets the house or how to split it. In North Carolina, a couple is free to determine how to split their assets outside of court. Because of this, in certain situations, one spouse can negotiate a buyout of the other spouse's share of the house. However, most couples are unable to do this due to financial constraints.
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.
To determine who gets the house in a divorce, we must first define how assets and property are treated in a marriage and a divorce. Generally, in North Carolina, any assets or property that are acquired by the couple during their marriage are considered martial property. Additionally, property that is not acquired during the marriage is considered separate property. Typically, because most couples wait until after they are married to purchase a home, their home will be considered marital property (unless one spouse owned a house prior to the marriage). As such, the couple must determine who gets the house or how to split it. In North Carolina, a couple is free to determine how to split their assets outside of court. Because of this, in certain situations, one spouse can negotiate a buyout of the other spouse's share of the house. However, most couples are unable to do this due to financial constraints.
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.
About the Author:
Want to find out more about Divorce lawyers?, then visit Minick Law's website for the best Family Law Attorney for your needs.
No comments:
Post a Comment