Divorcing couples usually have to decide how to deal with the family home as one of the first arrangements. A divorce can make selling a house challenging, but there are a few steps you can take to reduce stress. In this blog, we outline what you need to do if you are divorcing in North Carolina and need to sell your house.
Property Division in North Carolina
In most cases, couples share the assets and property they acquire during their marriages. When a couple divorces, their assets must be divided. Thus, property division poses one of the greatest challenges in divorce.
North Carolina has two types of property division: separate property and community property. When it comes to divorce, each type of asset is handled differently, so it is important to know which assets fall into which categories.
Separate property consists of assets and property possessed by one spouse alone. Any property acquired before marriage, gifts, or inherited properties received by one spouse fall into this category. During property division, each asset acquired with separate property will be treated as a separate asset.
On the other hand, community property is the property of the couple together. Consequently, the real estate, assets, and proceeds derived from them are owned equally by both parties.
Dividing Assets & Property During Divorce
In North Carolina, couples are required to follow community property laws unless an agreement specifies otherwise (prenuptial agreement). As both spouses contributed to the acquisition of community property, the IRS states they are each entitled to an equal share.
The couple is responsible for deciding what should happen to their property together. If the parties cannot come to an agreement, a judge can divide their assets in accordance with North Carolina State Bar Association laws.
Courts value the community assets and property of divorcing couples. Therefore, each spouse receives half of the community property. In some cases, the court may even sell assets and divide the proceeds equally between the spouses. For the most part, each spouse keeps their separate property.
Who Can Stay in The Home Until The Divorce is Final?
The parent who spends the most time with their children is usually the one granted to stay in the home. Otherwise, a spouse can’t be evicted from a co-owned property unless there is domestic violence involved.
The Home Selling Process
It would be ideal to sell the property asset and share the profits equally. Couples have three options when selling their house.
It may be possible for couples who are friendly and communicate well to list their house together. Both parties must sign a contract detailing the terms of the sale, and both names must appear on the title. Upon selling the property, each spouse receives an equal share of the profits.
Couples who are familiar with home selling may prefer this option since they will handle negotiations and marketing. To make the house more appealing to buyers, it might be necessary to invest in repairs.
Hire a Real Estate Agent
Divorce real estate agents can help when spouses cannot communicate or collaborate. When selling a home, the realtor handles all paperwork and negotiations.
The agent must not only set a fair price but market the property well as well. They coordinate all showings and open houses for the couple and negotiate directly with potential buyers.
Couples should be aware that real estate agents charge a fee after the home sale. In addition, showings require the house to be in tip-top shape, so investing in repairs and cleaning may still be necessary.
Sell the House to a Home Buyer
Finally, the house can be sold to a cash buyer who buys it as-is. Since there are no additional fees, no third parties involved, and no repairs required, this is usually a faster and easier way for couples to sell their houses.
Sell My House While Divorcing in North Carolina Hassle-Free
At Favor Home Solutions, we understand that selling your home during a divorce can be a stressful and challenging process. We’re here to make selling your home simple, hassle-free, and smooth. We don’t charge hidden fees or extra charges, so you do not have to worry about spending extra money! With our fair cash offer, you can start a new chapter in your life as soon as 14 days from now. Get in touch with us today!