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.  

4 FAQ About Handling Real Estate During a Divorce

How does North Carolina handle property in a divorce?

North Carolina is an equitable distribution state. This means that in a divorce, the court will divide property in a way that is fair, but not necessarily equal. This can include real estate, personal property, and other assets. 

The court will consider several factors when determining how to divide property, including the length of the marriage, the income and earning capacity of each spouse, and the contributions of each spouse to the marriage.

Should you buy out your spouse?

This can be a good option if you want to keep the home and can afford to do so. However, it's important to consider the financial implications of buying out your spouse. 

You'll need to pay your spouse their share of the equity in the home, which can be a significant amount of money. You'll also need to be able to afford the mortgage payments and other expenses associated with owning a home on your own.

How would this affect the mortgage?

If you decide to buy out your spouse, you'll need to refinance the mortgage in your name. This can be a complicated process, and it's important to work with a divorce attorney who can help you navigate it. 

You'll need to provide proof of income and meet the lender's requirements for credit and debt-to-income ratio. It's also important to understand that refinancing can result in a higher interest rate or longer loan term, which can increase the overall cost of the mortgage.

When should you consider selling the house?

Selling the house can be a good option if neither spouse wants to keep it or if it's not financially feasible to do so. In this case, the proceeds from the sale will be divided between the spouses according to the court's equitable distribution order. 

It's important to work with a real estate agent who has experience working with divorcing couples. They can help you price the home appropriately, market it effectively, and negotiate offers.

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.