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?
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.
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.
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.
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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