Going through a divorce in North Carolina can be a difficult time for people. During a marriage people build a life together and in divorce they need to divide that life they built. It can be a very emotional time as people determine who will receive the various property they acquired during the marriage. People may have acquired significant assets as well and they can come in different forms. They may have bank accounts, retirement accounts, homes, vehicles and other property.
How people divide the property depends on the type of assets that people own. People can divide bank accounts relatively easily by simply putting each spouse’s share into a separate account. Retirement accounts can be a little more difficult, but also involve a transfer of funds. Physical assets such as homes cannot easily just be split in half.
When determining what people should do with their homes, people need to analyze the value of the home and their equity in the home; each spouse’s financial position and ability to pay for the home and other relevant factors.
Once the couple understands each spouse’s ability to keep the home, they then need to decide what they will do with it. One spouse may keep the home and buy out the spouse. This could be done through loans or splitting other assets such as retirement accounts unequally to ensure each spouse has an equitable portion. People could sell the home and split the proceeds. They could keep it for a period of time and sell it later. They could continue to both own it and share it or rent it and other options.
Homes like any other asset needs to be divided in divorces in North Carolina. This can be a complicated process though. Experienced attorneys understand this process though and couple’s options and may be able to guide people through the process.