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.
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 divorcing couple requires a judge to divide their marital assets for them, the judge will consider several factors in making a decision on the couple's home. One of the most important factors is the existence of children. If the divorcing couple has children, the judge will take into account which spouse will have custody of the children. Because leaving the family home will be difficult on the children, judges tend to favor leaving the house in possession of the spouse with custody. However, the court will also consider whether that individual is capable of paying for the house. Although it is unlikely that one spouse will be able to pay for the house by themselves, after factoring in the potential of alimony, they may be able to continue to afford the house, but on the other spouse's dime.
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.
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.
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 divorcing couple requires a judge to divide their marital assets for them, the judge will consider several factors in making a decision on the couple's home. One of the most important factors is the existence of children. If the divorcing couple has children, the judge will take into account which spouse will have custody of the children. Because leaving the family home will be difficult on the children, judges tend to favor leaving the house in possession of the spouse with custody. However, the court will also consider whether that individual is capable of paying for the house. Although it is unlikely that one spouse will be able to pay for the house by themselves, after factoring in the potential of alimony, they may be able to continue to afford the house, but on the other spouse's dime.
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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