Factors to Consider When Determining to Keep the Home in Divorce

When North Carolina couples decide to divorce, determining how their marital property will be divided can be a difficult process. In many cases, determining what to do with the family home can be one of the hardest decisions to make, especially if one person wants to keep the family home. Before any final decisions are made, there are some important factors that should be considered.

One of the most important factors that should be considered is how much equity the divorcing couple has in the home. Determining the amount of equity the former couple has in the family home is important as the person who wants to maintain ownership of the home will owe a certain percentage of the equity to the former spouse.

In order to buy out the other person, the former spouse may need to obtain a mortgage or refinance to become the sole borrower. In some cases, if the person has other assets, these assets can be applying towards the buyout amount. This may reduce the size of the mortgage needed. Additionally, if a person has enough assets to afford the mortgage without using child support or spousal support, he or she may be able to refinance before the divorce is finalized.

For many divorcing couples, the family home can be a major point of contention, especially if there are kids involved or if one person is emotionally attached to the home. A family law attorney may be able to assist with helping a former spouse determine if he or she can afford to keep the family home in addition to laying down what the former spouse can expect in terms of the impending divorce. Further, if the former couple cannot agree over how to divide other marital property, an attorney may assist with ensuring that a former spouse receives the property that he or she is entitled to.

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