Divorce is always emotional, and often difficult to navigate from a legal perspective. Determining how to divide assets and split property can be a daunting task, especially when emotions are running high and communication may be breaking down. That’s where family law attorneys like Jacob Ehrmann come in. Ehrmann, who practices at Montford Family Law, is a specialist in family law and the navigation of divorce, handling everything from child custody and alimony to separation agreements and property division.
It is this last aspect that can be particularly difficult to work through when it comes to real estate. Many couples may own homes or other property together, either outright or under the mortgage, and determining how much that property is worth and how its value should be divided isn’t always straightforward.
Generally speaking, Ehrmann says, a division of property in North Carolina is determined by the equitable distribution statute, at least where the court is concerned. This means that shared assets are divided in what is determined to be an equitable manner, usually assumed to be 50/50. Of course, the realities can vary widely from case to case, and Ehrmann works to help parse out the details and ensure that property is divided in a truly equitable manner, taking into account the specifics of each situation.
The first step when determining how to divide the value of a shared home, according to Ehrmann, is to determine the fair market value of that home on the date of separation. Once that value is determined, the two parties can decide whether they wish to sell the house, assuming that equity exists in the property, or if one party wishes to buy the other out of the equity and keep the house.
Of course, this can quickly become more complicated – if one party owned the home prior to being married, for example, it may be that the equity existing in the property before the marriage would be allocated to them alone; if the title has been changed to include the spouse, however, that existing equity may be considered a part of their shared assets and split evenly regardless. Such intricacies can make it difficult for the layperson to successfully determine how property should be split, and it’s important to consult with a professional in order to avoid any potential missteps and to ensure that the process, difficult though it may be, can progress as smoothly and painlessly as possible.
To find out more about the division of assets during a divorce, or for other concerns related to family law, Jacob Ehrmann and Montford Family Law can be reached online at www.MontfordFamilyLaw.com or by phone at 828-505-7081.