When you divorce in the Asheville NC area
Housing Choices when you divorce in North Carolina
It goes without saying that divorce brings all kinds of difficult choices. When you own property together, this can be one of the most stressful part of the separation, both in terms of finances, finding a new place to call home for one or both partners, and the physical reminder that your 'nest' is changing.
Questions arise around who keeps the property, whether to sell the property and divide the proceeds or other possible options.
Retaining ownership of your home
It could be that you decide to retain ownership of the home for now, with one partner in the home. This is often the choice when children are involved. This choice brings on-going challenges and relies on both partners cooperating on financing the property and paying ongoing utilities and other payments related to the property. It can also require the preparation of a legal document that states who will pay for what. We can provide you with a list of attorneys.
Buy out your spouse's share
It is also possible that you decide to buy out your spouse's share of the home. It may be that you decide to refinance the home in order to do this. You may choose to speak with your current lender, and we can also put you in touch with other lenders that can provide you with comparative quotes. Click on the contact us button for more information.
If you decide to sell your home, we can provide you with an analysis of homes for sale and homes sold that are similar to yours. This will give you a range of prices from which to choose, and will let you know whether current market conditions are where you need them to be to provide enough equity for both partners. Both spouses in North Carolina need to cooperate in order to sell the home. Find out more about our listing services. Find out more about current market statistics in this area
Tax implications if you are selling
www.IRS.gov provides all kinds of answers to frequently asked questions, such as:
- What is the basis of property received as a gift?
- I have investment property. Can you explain the term basis of assets?
- I sold my principal residence this year. What form do I need to file?
- If I sell my home and use the money I receive to pay off the mortgage, do I have to pay taxes on that money?
- If I exclude the gain on the sale of my old home this year, can I also take the exclusion again if I sell my new home in the future?
- I lived in a home as my principal residence for the first 2 of the last 5 years. For the last 3 years, the home was a rental property before selling it. Can I still avoid the capital gains tax and, if so, how should I deal with the depreciation I took while it was rented out?
- How do you report the sale of a second residence?
THE BASICS The general rule of thumb is that if you sell your primary residence, you typically can exclude a gain of as much as $500,000 if you're married and filing a joint return with your spouse (or $250,000 if you're single or married filing separately) and meet certain conditions. To be eligible for the full exclusion, you typically must have owned the home -- and lived in it as your principal residence -- for at least two of the five years prior to the sale. These exclusion amounts aren't indexed for inflation. (When calculating your cost basis, don't forget to include additions and other "improvements," such as a new roof, deck or heating system. However, this subject -- and other adjustments you may need to make -- can be tricky. For details, see IRS Publication 523.) Real-estate agents say there is considerable confusion about the exclusion. Some people, for example, think this is a once-in-a-lifetime offer. It isn't. Homeowners can take advantage of the full exclusion every two years. Some people also think the $500,000 exclusion is for everyone. It isn't. It's only for married couples filing jointly. Another point to bear in mind: This break applies only to your primary residence, not vacation homes. Here's an example: Suppose you're married and file jointly. You bought your first home in the mid-1990s, have lived in it ever since, and your cost basis is $100,000. This year, you sell it for $600,000, giving you a $500,000 profit. Because of the 1997 law, you typically wouldn't owe any capital-gains taxes to Uncle Sam because your profit didn't exceed the maximum exclusion of $500,000. What if you make a profit of more than the exclusion? If you sell your home this year for, say, $1.1 million, you wouldn't owe any capital-gains tax on $500,000 of your $1 million gain -- but the other $500,000 would be included in your taxable income. Even if you have to sell your home in less than two years, you may be able to avoid Uncle Sam's grasp. The law allows a reduced maximum exclusion if the sale occurred because of a change in your place of employment, health reasons or "unforeseen circumstances." Let's assume you're married and file a joint return, and you move from New York to California to take a new job. And so you have to sell your home after having owned it and lived in it for only one year. In that case, you typically would qualify for half of the maximum exclusion of $500,000, which means as much as $250,000 of your home-sale profit could be tax-free. And what are "unforeseen circumstances"? Congress didn't define them in the 1997 law. But Treasury officials later issued detailed regulations offering numerous examples. Among them: divorce or a legal separation, multiple births from the same pregnancy, or the loss of your job. You may even qualify for a reduced exclusion if you or your spouse changes jobs and takes a pay cut that results in an inability to pay housing costs and reasonable basic living expenses.
There are also many articles written online, such as the great article at Wall St Journal by Tom Herman - the following is an excerpt; see the full article here
Buying a new home
If one of you wants to buy a new home, check out the most powerful MLS search available in our area here. If you would like to look in a particular town, explore our Town Squares here.
Most importantly, you will find an agent considerate of your situation at Patton Property Group. Call us today or contact us by email by clicking on the contact us button at the top right of the web page.
Other links
Citizen Times link to family lawyers
North Carolina self help groups for Divorcing partners
North Carolina Divorce Support Groups:
Mount Jefferson Church of the Nazarne P.O. Box 508 West Jefferson , North Carolina 28694 Phone: 910-246-3758 Contact: Pastor Teddy Ketterman-Mintz
Old Ford Church of Christ 6040 US Highway 17 North Washington , North Carolina 27889 Phone: 919-946-5883 Contact: Mr. Tim Turner
Wilkinson Church of Christ Box 91 A Pantego , North Carolina 27860 Phone: 919-943-6444 Contact: Mr. Reggie Braziel
Unity Baptist Church 1005 East Catawba Street Belmont , North Carolina 28012 Phone: 704-825-8730 Contact: Mr. Delmar E. Lawson
Glady Branch Baptist Church 270 Rosman Highway Bewvard , North Carolina 28712 Phone: 704-884-9671 Contact: Dr. Robert Lewis
Bent Creek Baptist Church 1554 Brevard Road Asheville , North Carolina 28806 Phone: 704-667-9818 Contact: Mr. Steve Harris
First Baptist Church 5 Oak Street Asheville , North Carolina 28801 Phone: 704-252-4781 Contact: Mr. Eddie Morgan
West Asheville Assembly of God 926 Haywood Road Asheville , North Carolina 28806 Phone: 704-253-9824 Contact: Mr. Wade Zachary
Pleasant Ridge Baptist Church 1698 Conley Road Morganton , North Carolina 28655 Phone: 704-584-0310 Contact: Mr. Steve Sells
First Assembly 150 Highway 601 Bypass North Concord , North Carolina 28027 Phone: 704-786-5195 Contact: Mr. Larry Heath
Parkwood Baptist Church 1069 Central Drive Concord , North Carolina 28027 Phone: 704-782-0565 Contact: Mr. Steve Davis
Mt. Zion Baptist Church 1787 Cajah Mount Road Hudson , North Carolina 28638 Phone: 704-396-1241 Contact: Mr. Duane Kuykendall
Hickory Community Chapel 3240 Sixth Street Drive NW Hickory , North Carolina 28601 Phone: 704-328-9913 Contact: Mr. Dave Shores
Highland Baptist Church 828 Ninth Avenue NE Hickory , North Carolina 28601 Phone: 704-328-2683 Contact: Mr. Larry Craig
Grace Presbyterian Church 2007 Stallings Road Harrisburg , North Carolina 28075 Phone: 704-455-9312 Contact: Ms. Linda McCachren
First Wesleyan Church 610 North Third Avenue Siler City , North Carolina 27344 Phone: 919-742-2471 Contact: Mr. Dennis Boone
Central United Methodist Church 200 East Marion Street Shelby , North Carolina 28150 Phone: 704-487-6336 Contact: Ms. Sarah Beam
First Baptist Church of Clinton 408 College Street Clinton , North Carolina 28328 Phone: 910-592-8124 Contact: Mr. Mark Thomas
Receipts Processing Center PSC Box 8018 Cherry Point , North Carolina 28533 Phone: 919-466-5315 Contact: Ms. Angela Mullgrav
Cedar Falls Baptist Church 6181 Ramsey Street Fayetteville , North Carolina 28311 Phone: 910-488-5810 Contact: Mr. Floyd Benfield
Northwoods Temple 4200 Ramsey Street Fayetteville , North Carolina 28311 Phone: 910-488-7474 Contact: Mr. John Hedgepath
The Manna Church 5117 Cliffdale Road Fayetteville , North Carolina 28314 Phone: 910-867-9151 Contact: Mr. David Schmaltz
Reeds Baptist Church 180 Reeds Baptist Church Road Lexington , North Carolina 27292 Phone: 704-787-5360 Contact: Mr. Coley Runner
First Pentecostal Holiness Church 1448 East Highway 64 Lexington , North Carolina 27292 Phone: 610-249-6598 Contact: Mr. Wayne Knight
Bethesda Baptist Church 1914 South Miami Blvd. Durham , North Carolina 27703 Phone: 919-596-6419 Contact: Mr. Hugh O'Shields
Grove Park Chapel 805 Sherron Road Durham , North Carolina 27703 Phone: 919-596-1152 Contact: Mr. Dale Brooks
Homestead Heights Baptist Church 4007 Holt School Road Durham , North Carolina 27704 Phone: 919-477-3859 Contact: Mr. Rick Langston
Springs of Life Fellowship 5025 Raintree Road Durham , North Carolina 27712 Phone: 919-383-7653 Contact: Mr. Stan Geyer
Englewood Baptist Church 505 Englewood Drive Rocky Mount , North Carolina 27804 Phone: 919-443-4124 Contact: Mr. Steve Lewis
Showers of Blessing 406 Cokey Road Rocky Mount , North Carolina 27801 Phone: 919-985-1848 Contact: Ms. Jackie Phillips
West Mount Baptist Church 2409 West Mount Drive Rocky Mount , North Carolina 27803 Phone: 919-443-4567 Contact: Mr. Roger Hopper
Praise Assembly Christian Center 2252 Queen Street Winston Salem , North Carolina 27103 Phone: 910-723-1020 Contact: Mr. Johnny York
First Assembly of God 3730 University Parkway Winston Salem , North Carolina 27106 Phone: 910-759-7517 Contact: Ms. Kathe McMullan
First Christian Church 1130 North Main Street Kernsville , North Carolina 27284 Phone: 910-996-7388 Contact: Mr. Clay Perkins
Marshall Baptist Church 5739 Old Rural Hall Road Winston Salem , North Carolina 27105 Phone: 910-767-2595 Contact: Mr. Tom Martin
Pinedale Christian Church 3395 Peters Creek Parkway Winston Salem , North Carolina 27127 Phone: 910-788-7600 Contact: Mr. Danny Spainhour
First Presbyterian Church 300 North Cherry Street Winston Salem , North Carolina 27101 Phone: 910-884-5000 Contact: Mr. Joseph Logan
Trinity Christian Church 4510 Shattalon Drive Winston Salem , North Carolina 27106 Phone: 919-209-0981 Contact: Mr. Gene Woolard
Marshall Baptist Church 5739 Old Rural Hall Road Winston Salem , North Carolina 27105 Phone: 919-767-4433 Contact: Ms. Mickey Oliver
Parkway Presbyterian Church 1000 Yorkshire Road Winston Salem , North Carolina 27106 Phone: 910-765-5646 Contact: Ms. Rebecca McKee
Chapel Grove Baptist Church 716 Camp Rotary Road Gastonia , North Carolina 28052 Phone: 704-864-6134 Contact: Mr. James A. Lowery
Firestone Wesleyan Church 1700 Union Road Gastonia , North Carolina 28056 Phone: 704-865-4572 Contact: Rev. Raymond Phaup
Friendly Avenue Baptist Church 4800 West Friendly Avenue Greensboro , North Carolina 27410 Phone: 910-292-3567 Contact: Mr. Dennis Woods
Green Street Baptist Church 303 Rotary Drive High Point , North Carolina 27262 Phone: 910-841-4334 Contact: Mr. Ray Jones
Guilford College United Methodist Church 1205 Fleming Road Greensboro , North Carolina 27410 Phone: 910-292-5833 Contact: Mr. Bob Boggan
Lawndale Baptist Church 3505 Lawndale Drive Greensboro , North Carolina 27408 Phone: 910-288-3824 Contact: Rev. Curt Dean
Evangel Fellowship 507 Balboa Street Greensboro , North Carolina 27405 Phone: 919-275-1416 Contact: Mr. Otis Lockett
Friendly Avenue Church of Christ 5101 West Friendly Avenue Greensboro , North Carolina 27410 Phone: 919-292-7649 Contact: Mr. Ron Newberry
Good News Baptist Church 1404 Charlotte Street Roanoke Rapids , North Carolina 27870 Phone: 919-537-7389 Contact: Mr. Steve Wilson
First Baptist Church 2227 Spartanburg Highway East Flat Rock , North Carolina 28726 Phone: 704-692-0765 Contact: Mr. Rob Ray
First Baptist Church of Hendersonville 312 Fifth Avenue West Hendersonville , North Carolina 28739 Phone: 704-693-3493 Contact: Ms. Dahlene Morse
First United Methodist Church 204 Sixth Avenue West Hendersonvile , North Carolina 28739 Phone: 704-693-4275 Contact: Dr. Don Hanes
Front Street Baptist Church 1403 West Front Sreet Statesville , North Carolina 28677 Phone: 704-872-7623 Contact: Mr. Norman Cannada
Rocky Hill Baptist Church 823 Mountain View Road Statesville , North Carolina 28677 Phone: 704-5925421 Contact: Mr. Dale Morrow
The Anglican Orthodox Church P.O. Box 128 Statesville , North Carolina 28677 Phone: 704-873-8365 Contact: Mr. Robert Godfrey
First Assembly of God 923 Booker Dairy Road Smithfield , North Carolina 27577 Phone: 919-934-5762 Contact: Mr. Ms. Rita Sanderson
Saint Stephen's Catholic Church 2402 Wicker Street Extension Sanford , North Carolina 27330 Phone: 919-776-3843 Contact: Ms. Faye Gibson
Trinity Church 1315 Old Georgia Highway Franklin , North Carolina 28734 Phone: 704-524-9533 Contact: Mr. Robert Ricotta
Greenlee Baptist Church Route 6, Box 685 Marion , North Carolina 28752 Phone: 704-724-4589 Contact:
Calvary Church 5801 Pineville-Matthews Road Charlotte , North Carolina 28270 Phone: 704-543-1200 Contact:
Carmel Baptist Church 2101 Carmel Road Charlotte , North Carolina 28226 Phone: 704-366-9100 Contact: Mr. Randall Odom
Christian and Missionary Alliance Church 10801 South Johnston Road, Suite125 Charlotte , North Carolina 28277 Phone: 704-543-0470 Contact: Mr. Jerry Copeland
Derita Baptist Church 2835 West Sugar Creek Road Charlotte , North Carolina 28314 Phone: 704-596-0931 Contact: Mr. Chuck White
First Assembly of God 22633 Eastway Drive Charlotte , North Carolina 28205 Phone: 704-537-4117 Contact: Ms. Sherrie Andrews
First Baptist Church 301 South Davidson Street Charlotte , North Carolina 28202 Phone: 704-375-1446 Contact: Mr. Steve Tuggle
Forest Hill Presbyterian Church 7224 Park Road Charlotte , North Carolina 28210 Phone: 704-554-9037 Contact: Mr. Luke Witts
Hickory Grove Baptist Church 6050 Hickory Grove Road Charlotte , North Carolina 28215 Phone: 704-531-4036 Contact: Mr. Alan Corry
Myers Park Presbyterian Church P.O. Box 6160 Charlotte , North Carolina 28207 Phone: 704-376-3695 Contact: Mr. Ray Scott
Presbytery of Charlotte 5700 Executive Center Drive Charlotte , North Carolina 28212 Phone: 704-535-9999 Contact: Ms. Mary Carol Michie
Providence Baptist Church 4921 Randolph Road Charlotte , North Carolina 28211 Phone: 704-366-2784 Contact: Mr. Beau Prosser
Providence Road Church of Christ 4900 Providence Road Charlotte , North Carolina 28211 Phone: 704-364-0748 Contact: Mr. Bill Cassidy
St. Gabriel Catholic Church 3113 Stone Orchard Place Charlotte , North Carolina 28209 Phone: 704-523-1708 Contact: Mr. Martin Ketterer
Victory Word Church 4017 Weddington Road Matthews , North Carolina 28105 Phone: 704-846-1992 Contact: Ms. Brenda Rogers
Westview Christian Church 5414 Freedom Drive Charlotte , North Carolina 28214 Phone: 704-392-6650 Contact: Mr. Jeff Kennedy
Carolina Conference of SDA 2701 East W.T. Harris Blvd. Charlotte , North Carolina 28269 Phone: 704-596-3200 Contact: Ms. Lynn Ortel
Central Church of God Counseling Center 5600 Randolph Road Charlotte , North Carolina 28211 Phone: 704-364-5003 Contact: Ms. Cynthia Hunt
Troy Wesleyan Church 842 Ophir Avenue Troy , North Carolina 27371 Phone: 910-576-0971 Contact: Mr. Ron Walker
Bethesda Presbyterian Church 1002 North Sandhill Blvd. Aberdeen , North Carolina 28315 Phone: 910-944-1319 Contact: Ms. Kay Logan
First Baptist Church of Carthage P.O. Box 824 Carthage , North Carolina 28327 Phone: 90-947-2456 Contact: Dr. Al Martin
Grace Church 1341 Highway 1 South Aberdeen , North Carolina 28315 Phone: 910-944-2004 Contact: Mr. Randy Thornton
Grace Baptist Church 1401 North College Road Wilmington , North Carolina 28405 Phone: 910-799-6442 Contact: Mr. Mike Meshaw
Oakmont Baptist Church 1100 Red Banks Road Greenville , North Carolina 27858 Phone: 919-756-1245 Contact: Ms. Beth Thompson
St. Paul Pentacostal Church Route 9, Box 25 Greenville , North Carolina 27834 Phone: 919-752-5773 Contact: Rev. Randy Reece
First Baptist Church of Asheboro 133 North Church Street Asheboro , North Carolina 27203 Phone: 910-629-9191 Contact: Dr. John Rogers
Newgate Community Church 3990 Fayetteville Road Lumberton , North Carolina 28358 Phone: 910-739-3145 Contact: Mr. David Penick
Ruffin United Methodist Church 9642 Business Highway 29 Ruffin , North Carolina 27326 Phone: 910-939-2557 Contact: Ms. Janice Henry-Brandyberry
Piney Grove Baptist Church 115 Ace Plaza Clinton , North Carolina 28327 Phone: 910-592-1337 Contact: Mr. Chris Burkeen
Poplar Springs Church of Christ Route 1, Box 360 King , North Carolina 27021 Phone: 910-983-2507 Contact: Mr. Don Wallace
Pisgah Forest Baptist Church Highway 64 East Pisgah Forest , North Carolina 28768 Phone: 704-877-4223 Contact: Mr. Ken Lewis
Pleasant Hill Baptist Church 218 Highway 218 East Monroe , North Carolina 28110 Phone: 704-753-4768 Contact: Mr. Leon Whitley
Colonial Baptist Church 6750 Tryon Road Cary , North Carolina 27511 Phone: 919-233-9100 Contact: Mr. Stephen Davey
Covenant Church 12621 Strickland Road Raleigh , North Carolina 27613 Phone: 919-846-8742 Contact: Ms. Cindy Walker
Crabtree Valley Baptist Church 4408 Leadmine Road Raleigh , North Carolina 27612 Phone: 919-781-5345 Contact: Ms. Joyce Borden
Faith Baptist Church 332 South Franklin Wake Forest , North Carolina 27587 Phone: 919-556-3420 Contact: Ms. Cindy Gatten
Garner Church of God 2313 Buffalo Road Garner , North Carolina 27529 Phone: 919-772-1897 Contact: Mr. Dan Hudson
Green Pines Baptist Church 1498 Hodge Road Knightdale , North Carolina 27545 Phone: 919-266-1613 Contact: Mr. Tim Huie
Highland Baptist Church 8524 Crowder Road Raleigh , North Carolina 27603 Phone: 919-779-8778 Contact: Mr. Carlton McDaniel, Sr.
New Horizons Fellowship 441 West Williams Street Apex , North Carolina 27502 Phone: 919-303-5266 Contact: Ms. Erin Currin
Providence Baptist Church 6339 Glenwood Avenue Raleigh , North Carolina 27612 Phone: 919-571-1171 Contact: Mr. Bob Vetter
Temple Baptist Church 1417 Clifton Street Raleigh , North Carolina 27604 Phone: 919-833-6079 Contact: Dr. Charles Johnson
Capital Church 1308 Highway 70 West Garner , North Carolina 27529 Phone: 919-772-5919 Contact: Mr. Roger Barefoot
Midway Baptist Church 6910 Fayetteville Road Raleigh , North Carolina 27603 Phone: 919-772-5864 Contact: Mr. Thurman Lucas
Providence Baptist Church 6339 Glenwood Avenue Raleigh , North Carolina 27612 Phone: 919-571-7735 Contact: Ms. Amelia Griffin
Madison Avenue Baptist Church 1703 East Laurel Street Goldsboro , North Carolina 27530 Phone: 919-734-3761 Contact: Mr. Jeffrey Wisdom
Patton Property Group | 86 Asheland Avenue, Asheville, NC 28801
Office: 828-210-1648 | Fax: 480-393-5401 | Email: info@pattonpropertygroup.com
Finding a home has never been easier
- Email Updates
- Save Searches
- Save Favorites
Custom MLS Search
Concierge Search:
If you would like us to set up a Home search for you, please fill in the survey.
Ask a Question
Call:
828-210-1648
or send a message below
MLS Quicksearch
Your Home's Value >> What is your home worth?
From Our Blog
- The Dry Town Myth around Asheville NC
- Asheville, NC Furnished Home, Ready..Set..Buy!
- How to claim your Home Buyer Tax Credit
- Selling Your Own Property In Asheville For sale By Owner?
- When do the Leaves Sprout and the Bushes Bloom in Asheville NC?
One-Click Searches
- » ASHEVILLE - ALL HOMES (1106)
- » Asheville Foreclosures, Short Sales and Motivated Sellers - Welcome to www.MyMountainDeals.com (271)
- » Listed Today (97)
- » New Construction (1101)
- » Homes with Boathouse (22)
- » Bring the Horses (217)
- » Fixer-Uppers (107)
- » Historic Montford (39)
- » Lake Homes (276)
- » Log Homes (167)
- » Luxury Homes (374)
- » Master on Main Level (115)
- » Motivated Sellers (316)
- » UNCA Homes & Condos (34)
- » West Asheville Homes (43)
- » West Asheville Land (9)
- » CONDOS & TOWNHOMES (646)
- » Condos under $400k (461)
- » Condos over $400k (88)
- » BLACK MOUNTAIN (399)
- » Black Mtn Log Homes (15)
- » VILLAGE OF CHESHIRE (28)
- » Cheshire Homes (11)
- » Cheshire Land (17)
- » Cheshire Townhomes (1)
- » HOMES WITH ACREAGE (637)
- » 2 Acres under $500k (159)
- » Over 10 Acres (253)
- » BUNCOMBE COUNTY HOMES (6777)
- » $100,000 - $150,000 (266)
- » $150,000 - $200,000 (236)
- » $200,000 - $250,000 (81)
- » $250,000 - $300,000 (113)
- » $300,000 - $350,000 (86)
- » Rental Properties (433)
- » Gated Communities (152)
- » Golf Course Homes (360)
- » Green Homes (24)
- » Ski Homes & Homesites (253)
- » Lodging Properties (73)
