Dividing a home in a divorce can be an emotional experience as it may be a place where an individual raised a family or had happy moments with a spouse. However, it may not always be practical for a person to keep a North Carolina home for financial or other reasons. It is possible to to sell a marital home and split the proceeds with the other spouse.
Individuals considering this option will need to account for possible capital gains taxes and other costs associated with selling an asset. Furthermore, those who are thinking about moving out of their home should think carefully about where they will stay after the sale is finalized. In some cases, divorcing couples may decide to retain joint ownership of a family home. This may be advantageous for parents who want their children to remain in a familiar location until they reach a certain age.
Those who choose this option will ideally have a plan for how bills and chores will be divided. If the home will be sold in the future, it is a good idea to understand how taxes, changing interest rates and other variables could impact the timing of the sale. A final option is for one person to buy out the other to retain ownership of the property.
A divorce attorney may help an individual determine how to deal with a home in a divorce settlement. An attorney may be able to help a person analyze his or her decision from a financial standpoint as opposed to an emotional one. Doing so may enable an individual to make a decision that is his or her interest both now and in the future. In some cases, asset division questions will be answered in a prenuptial agreement.