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.
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.
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.
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.
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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