Getting a divorce in North Carolina involves making several life-changing decisions. Child custody and spousal support are just two issues that divorcing couples often face. If the family owns a home, that property also becomes an issue during the divorce. The fate of the family home isn’t simple to figure out, but there are options.
Keep the home
Although the marriage is ending, it’s possible for a couple to jointly own the family home. However, this arrangement generally only works if the divorce is friendly, and both people get along together.
There are several reasons why co-owning the family home is possibly a good idea. Maybe one person needs more money to find a new place to live. That individual could remain in the family home until their finances improve. Or maybe one person would like to buy the family home but needs more time to refinance a loan.
Children are often why couples decide to co-own the family home following a divorce. They might want to avoid the trauma of forcing their children into a new home. Allowing the children to remain in the family home can provide stability, especially after a divorce.
Co-owning the home requires the former couple to put their differences aside and work together. They must decide if they’ll live in the home together or if one person will move out. Also, they’ll have to agree on issues such as property taxes, repairs and mortgage payments.
Sell the home
According to Zillow, it’s legal to sell a home before the divorce. In fact, if you want to sell the home, doing so before filing for divorce is generally the easiest option. Selling beforehand means proceeds can help pay for legal fees, debts and a new residence.
Co-owning or selling the home are two options for what to do with a home during a divorce. There are additional options, such as turning the home into a rental property. You might want to explore what else is available and choose what’s best for your situation.