Selling Your Home After a Divorce in North Carolina
The family home is often the most high-value piece of property in a couple’s possession. When a couple of divorces in North Carolina, this family home inevitably becomes a source of considerable contention. Because most of a couple’s equity is usually tied up in their family home, this piece of property is probably the most crucial factor to consider when spouses approach the equitable distribution process during a divorce.
Maintaining control over handling this asset during and after divorce always makes sense. After all, it is your family home, and you should decide how it is sold. However, it is important to understand that you may lose control of this process if you opt for a trial-based, litigated divorce. In this scenario, the courts may order you to sell under circumstances that are out of your control. This can be quite inconvenient, and it can even lead to significant financial losses.
Fortunately, you can exert considerable control of this process by bypassing the trial process altogether. You can do this by opting for a collaborative divorce. This process provides spouses with considerable flexibility and control over virtually every aspect of their divorce, including property division and the sale of their family home. To approach this process in the most efficient manner, you will need to connect with a family attorney who has considerable experience with collaborative law. These legal professionals can help you strive for a positive outcome when selling your home - without unnecessary interference from the courts.Choosing When to Sell
When a judge orders you to sell the home and split the proceeds, you do not really have much time to delay. If you disobey the court order and try to wait for the best moment to sell, you could be held in contempt of court. Sometimes, it is better to sell before the divorce is finalized. In other situations, it is better to wait until after the divorce. Your best option depends on a number of potential factors. For example, the housing market might simply be better after the divorce. Or perhaps both spouses want to wait until after their children graduate high school before selling the home. Maybe the children are approaching their final year at high school, and the spouses recognize that they will only have to wait a year or so before making the sale. There is no clear answer as to when it might be a good idea to sell a home, and a real estate professional can probably provide better advice from a purely financial standpoint.
The key point is that a judge may not appreciate any of these factors. Their job is to get the trial over with as quickly and efficiently as possible, and they may order you to sell the home at an arbitrary date. In contrast, a collaborative divorce gives you complete control over how this matter is handled. For example, your separation agreement could clearly state that the house will be sold when the children move out or graduate. In addition, spouses could mutually agree to wait for a better time to sell.
You should also know that selling the home before the divorce is finalized can delay proceedings considerably. This is especially true if you are living in a housing market that is not particularly “hot.” Sometimes, it can take years to sell a property in North Carolina. If the outcome of your divorce hinges on whether this sale is made, this can delay your divorce considerably. If you are opting for a trial-based divorce, the divorce may not be finalized until the home is sold. In contrast, a collaborative divorce can be flexible enough to finalize the divorce even while the sale is still pending.Enlist the Help of a Qualified Attorney Today
If you have been searching the North Carolina area for a qualified, experienced divorce attorney, look no further than Arnold & Smith, PLLC. We have helped numerous divorcing couples in the Tar Heel State handle property division through the collaborative law process, and we can do the same for you. Maintaining control over an important financial transaction like the sale of a family home is always important.
Unfortunately, a traditional, litigated divorce does not guarantee that control. Choose a collaborative divorce instead, and you can sell your home when and how you want. This not only provides you with greater peace of mind, but also allows you to strive for maximum financial benefits as you sell your home at the most opportune moment. Reach out today and book your consultation, and we will help you strive for the best possible results with a collaborative divorce.