As a physician in the Winston-Salem area, you probably spent a lot of time and money going to med school, working long hours during your residency and finally seeing financial success as your career thrives. However, being a physician comes with many stressors and some may find that the constant stress has an impact on their marriage that ultimately leads to divorce. When this happens you will face a litany of decisions that must be made including what to do with the family home.
What happens to the family home in a divorce?
Sometimes both parties in a divorce choose to simply sell the family home and split the proceeds. Other times spouses immediately agree on who should keep the family home, especially if one party has child custody and both parties want the children to continue being raised in the familiar family home. However, there are times when spouses are at odds about who should get to keep the family home after divorce. If you find yourself in a situation where you want to try to keep the family home and buy out your ex’s share in it, there are two steps you can take to make this happen.
Two steps to take if you want to keep the family home following a divorce
There are two steps you can take if you want to keep the family home following your divorce. The first thing you will need to do is determine how much your house is worth and how much equity you and your spouse have in the home. An independent appraisal can help couples agree on what the fair value of the home is.
Once you know the value of your home and how much you will need to buy out your ex’s share in it, you will have to come up with the money for the buy-out. Sometimes you may have investments you can cash out or enough in savings to afford a buy-out. Other times you may be able to get a loan or refinance your mortgage. Oftentimes, though, a buy-out is reached by giving your spouse your share in another marital asset, whether it is a retirement account, tangible assets or other valuable assets.
Learn more about property division in North Carolina
While your career as a physician may have been lucratively rewarding it can take a toll on your marriage. Some couples in such situations decide to seek a divorce, and one of the biggest hurdles they may face is who will get to keep the family home. This post is for educational purposes only and does not contain legal advice. Our firm’s webpage on property division in North Carolina may be a good starting point for those who want to learn more about this topic.