The house that you bought and lived in during your marriage likely represents hundreds of thousands of dollars worth of income and investment by both you and your spouse.
Some people have a strong sense of attachment to the home and want to be able to continue living there after the divorce. Others just want to get their fair share of the equity that they’ve built up in the property during their marriage.
Regardless of which goal you may have in your divorce, one of the most important things you can do will be to get a professional evaluation of your home.
You probably don’t know what your house is actually worth
If you have checked a real estate listing website or app while thinking about divorce to get an idea of what housing might cost, you already know how mulch prices on the market have risen in recent years. Some properties can sell for twice what they did less than a decade ago.
There is massive demand on the modern market and a surprising number of cash buyers ready to compete for listings. Even when people work with real estate professionals and put a reasonable price on their property, the chances are good that they will get multiple offers, driving the price up over the asking amount.
Buyers end up in bidding wars, meaning that properties can reach very high prices right now. It’s important to work with a professional to establish their property’s current fair market value. What you could possibly get if you would sell the home now can inform what you can claim from the property in the divorce.
How do the courts split homes in North Carolina?
Family law judges in North Carolina use the equitable distribution standard for the marital property of divorcing spouses. After reviewing all of the property and hearing about details from the marriage, like the wages and possible earning potential of each spouse, the judge will do their best to fairly split the assets and debts.
If one spouse gets to keep the house, the other should receive a fair amount of equity or other property worth an equivalent amount. Putting a reasonable price on your home will be an important step as you plan for your upcoming divorce.