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How To Sell A House During Divorce in North Carolina

How to Sell a House During a Divorce in North Carolina

Divorce is a challenging and emotional experience, often made more complicated by the need to divide shared assets like real estate. According to the American Psychological Association, the divorce rate for first marriages in the United States is around 40% to 50%. So, what happens to shared assets like your home? Do you have to split everything 50/50?

Can You Divorce Without Selling the House?

Yes, you have options. You can either sell the house and split the proceeds or explore ways to keep it. The first step is to inform your lawyers and the Court about when the house was acquired. This will help determine whether the house is considered marital property or separate property, which affects how it will be divided.

If the house is deemed separate property (acquired before marriage, gifted, inherited, or purchased with separate assets), the other spouse typically has no claim to it. However, exceptions can occur, such as when improvements made to the property increase its value. A lawyer can help you determine the classification of your property.

Factors the Court Considers

When deciding who gets the house, the Court will consider:

  • The value of the property
  • The financial circumstances of each partner
  • The employability of each partner
  • Contributions to the marital home, both physical and monetary
  • The age and health of each partner
  • Custody arrangements for any children

Who Gets the House in a Divorce?

The division of assets in a divorce is governed by state law. Most states follow equitable distribution, where a judge divides property fairly, though not necessarily equally. This can include factors like contributions to the household.

In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, and optionally Alaska), marital assets are split 50/50.

Options for the Marital Home

  1. One Spouse Buys Out the Other:
    One spouse can buy out the other’s legal interest in the house, allowing them to keep it. This requires the buying spouse to refinance the mortgage in their name within a specified timeframe.
  2. Use and Occupancy:
    In cases involving children, one spouse may retain use of the home until the children turn 18, after which the house is sold and the proceeds divided.
  3. Co-own the Home:
    Some couples choose to co-own the home post-divorce, especially if children are involved. This requires trust and cooperation to manage payments and maintenance.
  4. Sell the House and Split the Proceeds:
    Selling the house can be the simplest option. The house is put on the market, and once sold, the proceeds are divided according to the Court’s decision. If the market is slow, a direct homebuyer or investor might be a faster option.

Steps to Sell a Home During Divorce

  1. Hire a Divorce Specialist Real Estate Agent:
    Determine asset division through lawyers or the Court first. A specialist agent can guide you through the sale process.
  2. Agree on Sale Specifics:
    Decide on sale specifics like price, repairs, and who handles the mortgage and bills during the sale. Agreements should be finalized through a lawyer to avoid disputes.
  3. Review Offers:
    Together, review offers from buyers. Agree on a strategy beforehand, whether to accept the first offer or wait for the best one.
  4. Divide the Proceeds:
    Once the house is sold, the proceeds are divided as determined by the Court or mutual agreement. Any liens or obligations will be settled before distribution.
  5. Sell to a Cash Buyer:
    If you need a fast sale, selling to a direct cash buyer might be the best option. They buy properties as-is and close quickly, which can be ideal during a stressful divorce.

Navigating the sale of a house during a divorce requires careful consideration and professional guidance. Whether you sell or decide to keep the home, understanding your options and working with experts will help ensure a smoother transition.

Selling Your House During A Divorce? Contact Us For Your Cash Offer Today!

Triton Homebuyers is a local house buying company that’s built their business by buying houses for cash, no matter what the condition or the homeowners’ financial situation. We promise competitive cash offers without the hassle of dealing with real estate agents, lawyers, and more. If a direct home sale sounds like the best option for you, let’s chat! Call us day or night at (828) 677-2776. We have a reputation for buying houses with less stress and less fees. 

If you own a property that you need to sell fast due to divorce, we have a solution. Contact us today and get a competitive cash offer for that house or rental property. We buy homes, no matter what your individual financial situation or the property’s condition. Even if the house has been neglected for years or suffered damage in the last storm, once you accept our fair cash offer our team of experts will handle all of those expensive repairs and upgrades so you don’t have to! We make selling a house during a divorce as hassle-free as possible.