Distribution of assets

North Carolina Divorce Law Divorce and Separation Answers
1

The equity in the house is based on the fair market value on the date of separation. If one spouse keeps the house generally they pay the other person half the equity without taking into account the costs of sale.

Helena M. Nevicosi
Attorney with Rosen Law Firm

4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax

Charlotte Office
301 McCullough Drive
Suite 510
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044

Durham & Chapel Hill Office
1829 East Franklin Street
Building 600
Chapel Hill, NC 27514
(919) 321.0780

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2

I am involved in a seperation, we have been seperated for a few months now, I have a few questions about distribution of assets. First off, if I understand correctly, all assets and debts that we had at the time of seperation are to be split. Is this correct? We bought a house and have over $50,000 equity in it, the house appraised at time of purchase for over $20,000 more than we paid which would put equity at $70,000. I am being told that I would not be eligible for any of the equity as we don’t have enough in it to split by the time we paid the realtor fees and paid off the loan, this number is on the purchase price alone, not the appraisal. I am also being told that the value is only on the purchase price, not on an appraisal, can this be correct? I am still making the house payment but not living there, any guidance.