Deciding what to do with the marital home is often one of the most important decisions in the property division portion of divorce cases. The home is often the largest asset owned by most North Carolina couples, and both spouses might be listed on the deeds and the mortgages. In some cases, people will be given the option of staying in the home, and they may not know whether they should or if they should instead opt to sell and split the proceeds with the other party.
People who have raised their children in a home may have a lot of emotional attachment to it. After the kids have left, however, the house may simply be too large for them to handle on their own. Part of the consideration about whether or not to remain in the home involves taking a serious look at the finances. Even if the home is paid off, they need to think about whether or not they can pay for the utilities, the property taxes and the maintenance costs of the home on their income alone.
In some cases, it may be better to opt to sell the home. Doing so might allow the proceeds from the sale to purchase a smaller home that is a better fit for a single person’s finances. People can then concentrate on building savings towards retirement rather than sinking it all into the house.
The equitable division of property in a divorce can be complex. People might want to seek the help of a family law attorney about the best way they might divide their property.