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?
The first thing to consider is how property and assets are treated in a marriage and divorce in North Carolina. Typically, any assets or property that is acquired during the marriage are considered marital property. Property that is not acquired during a marriage is considered separate. Since most couples wait until they are married to buy a home, the house will be considered marital property (except for the occasions where one spouse owned the home prior to the marriage). It is up to the couple to decide how to split marital assets in NC. A couple is free to decide on their own how to split assets outside of court, unless there is disagreement. In certain cases, one spouse can "buy out" the other's share in the home, or barter it for some other equally valuable asset. Most couples, due to financial considerations, are unable to do this though.
If the couple cannot determine how to distribute or split the house, they can have a court make the decision for them. In North Carolina, courts follow the doctrine of equitable distribution or equal division. In following this doctrine, judges can choose to force a sale of the house, offset one individual's share of the house by giving that individual an equal value in other assets, or order that one party retain ownership of the house. Although a judge will be the one making this decision, the judge will not be making this decision solo. Instead, the judge will hear arguments from both sides as to which way the judge should make the decision.
When a judge is required to mediate the dividing of marital assets, the judge considers a number of factors when making a decision on the home. The presence of children in the marriage has a very large effect on the judges decision making. Often times, the decision about the house is influenced directly by who has custody of the children. Because of the emotional toll that divorce can have on children, judges tend to give the home to the spouse who retains custody. However, if that spouse cannot reasonably afford to pay for the house, it once again gets complicated. Some situations call for alimony payments from one spouse to another, that can help offset the financial burden of paying for the house.
Minick Law firm's experienced family law attorneys are available for a personalized, compassionate consultations. It is important to speak to an attorney so that you can best understand your options given your particular legal situation.
The first thing to consider is how property and assets are treated in a marriage and divorce in North Carolina. Typically, any assets or property that is acquired during the marriage are considered marital property. Property that is not acquired during a marriage is considered separate. Since most couples wait until they are married to buy a home, the house will be considered marital property (except for the occasions where one spouse owned the home prior to the marriage). It is up to the couple to decide how to split marital assets in NC. A couple is free to decide on their own how to split assets outside of court, unless there is disagreement. In certain cases, one spouse can "buy out" the other's share in the home, or barter it for some other equally valuable asset. Most couples, due to financial considerations, are unable to do this though.
If the couple cannot determine how to distribute or split the house, they can have a court make the decision for them. In North Carolina, courts follow the doctrine of equitable distribution or equal division. In following this doctrine, judges can choose to force a sale of the house, offset one individual's share of the house by giving that individual an equal value in other assets, or order that one party retain ownership of the house. Although a judge will be the one making this decision, the judge will not be making this decision solo. Instead, the judge will hear arguments from both sides as to which way the judge should make the decision.
When a judge is required to mediate the dividing of marital assets, the judge considers a number of factors when making a decision on the home. The presence of children in the marriage has a very large effect on the judges decision making. Often times, the decision about the house is influenced directly by who has custody of the children. Because of the emotional toll that divorce can have on children, judges tend to give the home to the spouse who retains custody. However, if that spouse cannot reasonably afford to pay for the house, it once again gets complicated. Some situations call for alimony payments from one spouse to another, that can help offset the financial burden of paying for the house.
Minick Law firm's experienced family law attorneys are available for a personalized, compassionate consultations. It is important to speak to an attorney so that you can best understand your options given your particular legal situation.
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