North Carolina residents who have gone through a divorce understand just how challenging the entire process can be. One of the major challenges a divorcing couple may face is determining what to do with the marital home. There may be a lot of sentiment attached to the home. For that reason, the couple may struggle with whether to sell the home and divide the profits, have one of the two parties buy the other one out, or both keep ownership of the home and alternate the days that they live in it.
There are some advantages that come from selling a home while going through the divorce process. One advantage is financial. If a divorcing couple is able to sell the home, both parties may walk away with money that they can use to move on. They may be able to use that money to invest in a new home or pay off joint debt.
Often, when a divorcing couple sells their home, they feel like they have accomplished a major hurdle. This makes it easier for them to address other financial issues that they need to tackle together. These issues could include credit card balances, joint loans and other debts.
One of the two spouses may have their heart set on keeping the home. However, when they realistically look at the expenses of keeping the home running, they may realize that it is something they cannot afford, so selling the home becomes their best option.
A family law attorney may be able to help clients who have questions about property division laws and how these affect them. They may assist their clients with other financial issues connected to the divorce, including assessing the value of property, dividing shared accounts and other practical matters related to finance that could arise during the divorce proceedings.