One of the top concerns on people’s minds while approaching or going through a divorce is how assets are divided. How is our debt divided? Who gets to stay in the house? Who gets the car? Will we need to sell the house while going through divorce in Fayetteville?
It’s common knowledge that all the marital property is divided during a divorce, but how this is divided can get complex. Let’s see what divorce law in Fayetteville says about this issue.
Marital vs. non-marital property
You’ll often see the terms marital property or community property, and non-marital property or separate property when reading up about divorce law in Fayetteville.
Marital property, sometimes referred to as community property, is property that is acquired during the marriage, individually by either spouse or jointly. Real estate is almost always included as marital property. Even if the house is acquired by one of the spouses before the marriage, divorce law in Fayetteville considers this real estate as marital property if the mortgage is paid down by marital funds or if it is held by the parties as tenants.
How is property divided in Fayetteville?
In a divorce, property is usually divided in one of two ways: community property or equitable distribution.
North Carolina is considered an equitable distribution state. In Fayetteville, NC divorce law, marital assets don’t have to be divided in an equal 50-50 split. The court will consider other factors in the marriage such as economic circumstances, interruption to career or education, or any dependent children.
Options if you need to sell a house in divorce Fayetteville
“Buy out” the other spouse
This happens when one spouse pays half of the market value to the other to gain sole ownership of the property. The spouse who paid can now live in the home without interference while the other can use the money to find new housing and move on with their lives.
This option makes sense if family members need to continue living in the neighborhood, like if a spouse needs to live near work or if there are children that go to school nearby.
Co-own the home
If the spouses agree, they can continue living in the house together and co-own the property. They will need to agree on how payments will be split, who will make these payments, and how the house will be used.
This can be a difficult solution if the spouses can’t agree on how things are split but may be the only solution if the house can’t be sold for one reason or another. This is only recommended for amicable divorces.
Dividing the assets
If one of the spouses needs the home, the other may agree to dividing the assets in a way that they get the same approximate value as the home. For example, while one spouse keeps the house, the other can receive a mixture of cash, stocks/bonds, and vehicles. This can work when there is a large pool of assets that needs to be divided.
Sell the marital home
This is probably the most straightforward option. The couple can choose to sell the house in the divorce in Fayetteville. There will need to be some agreement on the selling price and the agent/method to be used, but once the house is sold any outstanding mortgage/payments are settled and dividing the proceeds will be much easier.
If the house needs some work before selling, you can consider selling the home “as-is.”You will save time and money from having to deal with repairs and you can also get the sale done faster. This is all achievable by finding a cash home buyer like Allora Homes.
If your goal is to sell your house fast in Fayetteville, NC, then you should go with Allora Homes, a professional home buying company. We buy houses in North Carolina in any condition even while you’re going through a divorce. This is the quickest and easiest way to sell your home as you don’t have to worry about any repairs, appraisers, lenders, agents, commissions, or fees.
In just 3 easy steps, you can receive a cash offer in just 72 hours. Call us today and find out how much you can get for your home in Fayetteville!