Real Estate Settlement and a Legal Separation


#1

My husband and I are going to separate on June 1st. I am getting the house and he wants me to pay him out for his part. How does that work? I know he gets half but half of what? Appraised value? Tax value? What we owe? So confused.

Also everybody keeps telling me to get a legal separation so that he cannot change his mine on some things. He changes it really often. What are the benefits of a having a legal separation? Can I get a legal separation from forms online? If I can, how do they get filed at the court house?


#2

As part of equitable distribution you would buy your spouse out of the home for half the equity. The equity is determined by taking the value of the home subtracting what is owed on the loan.

There is no legal separation in NC. Once you have agreed on how you will divide the property you need to have a separation agreement drafted that each of you sign before a notary public. Once that agreement is signed it is binding and enforceable and cannot be changed unless both parties consent.