Going Through Divorce and Need to Sell Your Home???
If you and your future ex-spouse have made the decision to divorce and sell your home, please reach out to us to discuss your options. Typically, you will need the approval of the court to sell the home. If you haven’t done so already, we strongly encourage you to consult an attorney about your legal rights and responsibilities regarding your particular case.
One of the most difficult and complex areas of dissolution of marriage is the the process of property division. This usually takes a bit of time, because the court has to identify all of the property owned by both parties and then classify what they find into three categories.
- Marital property is all the property that is currently owned that was acquired during the marriage, unless the court identifies a specific item or items as “separate property.”
- Separate property is property owned by either spouse before marriage. Property that may have been gifted or inherited to one spouse is also considered separate property.
- Divisible property are assets or debts that may change in value (either negative or positive) that occur after the date of separation. For example, interest accounts, or stocks and bonds are considered divisible property. Additionally, income form marital property that was received after separation, i.e. rental income.
North Carolina statutes and case law provide for an “equitable distribution” of marital assets and debts. Although the court must begin with the presumption that all marital assets and debts are to be divided equally (50 percent each) between the parties, the court may distribute the marital estate fairly or equitably (not necessarily equally) between the parties, regardless of how title is held. A court decides equitable distribution before considering alimony. Equitable distribution is based on a long list of factors the court is required to consider.
Factors to be considered by the court include the contribution of each spouse to the marriage; the duration of the marriage; and the economic circumstances of each spouse. The court should approve your agreement if the court finds it to be reasonable. If you and your spouse cannot agree, the court will divide the assets and debts during trial.
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Sell the Simple Way
You deserve peace of mind knowing that you can depend on us to provide you the best solution possible.
- Fill out the short form and tell us about your home
- Receive a call, set up a casual walk through and finalize your offer
- Choose your closing date and get paid
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