Buying a house is something many married couples eventually do. Jointly owning a property can give your relationship a sense of permanence and help the two of you build a mutually beneficial financial future.
Unfortunately, sharing your biggest asset can make things complicated when you decide you want to divorce. What happens to the house?
Your house is likely marital property
Under North Carolina state law, the courts can divide your marital assets when you divorce. Couples who can’t reach an agreement on how to divide their property can ask a judge to make the decisions for them.
Under equitable distribution regulations, judges can split up both the property and debts that a couple acquired during their marriage. Even houses only in one spouse’s name will likely have some equity accrued from marital income. Establishing how much of your house is marital property is an important step toward determining the best approach to your house.
There are many ways to handle real estate in a divorce
Sometimes, one spouse wants to keep the home. Other times, both spouses want the house or neither of them wants to keep it.
The courts usually give one spouse the opportunity to retain the house if their credit and finances allow it, provided the other spouse can receive appropriate assets or a fair share of equity in the process. Occasionally, the courts may order spouses to sell the home and share the proceeds from the sale.
Learning more about how South Carolina handles property division and options for your home in a pending divorce can help you seek your desired outcome.