One of the first questions many North Carolina residents have when they start the divorce process is about what will happen to the marital home. In some cases, a person may want to retain ownership of the home, especially if there are kids involved and this can help keep the home life stable for them. On the other hand, a person may want his or her share of the equitable distribution of other assets so that a new home can be purchased quickly.
It is important for those who want to keep the marital home to make sure they are making decisions based on their financial circumstances and not for purely emotional reasons. For example, it does them no good if they retain ownership of the home in the divorce but cannot afford to refinance the home or make the existing mortgage payments.
Those who want to purchase a new home immediately after the divorce is finalized may also have some difficulties if they did not plan properly. For example, a person may come out of the divorce with a lower credit score as some bills may be paid late or may unpaid during the divorce. A person may also simply not have enough income on his or her own to qualify for a mortgage.
One of the first things a couple who is considering divorce needs to do is get a valuation of the property they obtained during the marriage, including the family home and other real estate. Once completed, a divorce attorney could assist with starting the negotiations with the other party depending on what the goals of the client are.