Knowing how to manage a property can be a challenge during a divorce. One option is to allow one party to keep the property while the other acquires other assets of comparable value. Another is to simply put it on the market and evenly divide the proceeds. Before you meet with a divorce attorney, take a closer look at the following answered questions to determine which route is best for you. 

What to Know About Real Estate & Divorce

How does the state handle property in a divorce? 

North Carolina is an equitable distribution state, which means it will divide the property according to what’s fair for each party. This includes evaluating past efforts and future needs. For example, if one spouse paid a larger share of the mortgage, then they might become eligible for full ownership. However, if the other spouse earns custody and needs the space for the kids, then the court might grant them the right to the property. 

Should you buy out your spouse? 

It’s common for the custodial spouse to buy out the other party’s share of the home. This could ensure a clean break and provide the amount they would have received if the property was put on the market. It also grants you complete ownership and reduces the risk of future disputes. 

How would this affect the mortgage? 

While it’s fairly easy to remove a name from the deed, it’s nearly impossible to do so with a mortgage. This can cause difficulties when the other party attempts to buy a new home and could have a damaging effect on both of your credit scores. The best move is to refinance into a new mortgage. This will make you solely responsible for the payments and free the other person to move on with their life. 

When should you consider selling the house? 

If there are no children in the picture and the home holds no sentimental value, then it might be best to sell the home and go your separate ways. This eliminates having to figure out how to divide the mortgage payments and allows both parties a fresh start. Plus, if neither of you can afford to maintain the property, then it’s probably best just to let it go. 

Start preparations by connecting with the divorce attorneys at Randy L. Cranford Attorney at Law. Located in Thomasville, NC, these professionals have more than 40 years of experience and are well-versed in family law. Each attorney commits to a personalized, caring approach and will provide the insight you require to increase your chances for success. Call (336) 476-3115 to request a free consultation with a divorce attorney, or visit their website for additional information on their services.