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Avoiding divorce pitfalls with the marital home

When North Carolina couples decide to divorce, they will need to think about how they will handle their marital home. If people are not careful, they may end up making mistakes that could cost them lots of money.

There will be a few options for dealing with the issue. People may choose to sell their homes and divide the proceeds from the sale. If they do, they both need to be involved in the process and negotiations in order to secure the best returns. People who want to stay in their homes may instead choose to buy out their spouses by refinancing the mortgages and paying their spouses their shares of the equity.

If people decide to stay in their homes and buy their spouses out, they should be aware that refinancing may be difficult if their original mortgage was based on two incomes. They should also make certain that they will be able to afford their payments, upkeep, insurance, taxes and utilities for their homes. People may also elect to have their spouses buy them out if they are the ones who are leaving. However, they should understand that if the homes are not refinanced, they will still be considered to be liable for the mortgages and may have trouble getting new mortgages of their own. Some people choose to continue joint ownership of the homes, but they should be aware of the potential tax implications that may occur when they choose to sell at a later date.

Dividing marital assets, including the home, can be complex. People might want to seek counsel from family law attorneys who can advise their clients about the potential tax consequences of various property division scenarios and attempt to negotiate an equitable settlement.

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