Division of Property in Divorce
In North Dakota, the division of property, including the family home, during a divorce is governed by the principles of equitable distribution. This means that the court will divide the marital property in a manner that it deems fair and just, which may not necessarily mean an equal split. The North Dakota Century Code 14-05-24 provides the legal basis for this process.
The Family Home
The family home, often referred to as the homestead, is typically one of the most significant assets in a marriage. Its division during a divorce can be a complex process, influenced by various factors such as the length of the marriage, the financial contributions of each party, and the needs of any children involved.
According to North Dakota Century Code 14-05-25, the court, in rendering the decree of divorce, may assign the homestead or such part thereof as to the court may seem just, to the innocent party, either absolutely or for a limited period. This assignment is based on the facts of the case and in consonance with the law relating to homesteads.
The court’s disposition of the homestead, along with all orders and decrees touching the alimony and maintenance of either party to a marriage and for the custody, education, and support of the children, are subject to revision on appeal in all particulars, including those which are stated to be in the discretion of the court.
Factors Influencing the Division of the Family Home
The court considers several factors when deciding how to divide the family home. These factors include, but are not limited to:
- The contribution of each spouse to the acquisition of the marital property, including the contribution of a spouse as a homemaker.
- The value of the property set apart to each spouse.
- The economic circumstances of each spouse at the time the division of property is to become effective, including the desirability of awarding the family home or the right to live therein for reasonable periods to the spouse with whom any children reside the majority of the time.
Valuation of the Family Home
The valuation date for marital property, including the family home, is either the date mutually agreed upon between the parties or, if the parties do not mutually agree upon a valuation date, sixty days before the initially scheduled trial date (North Dakota Century Code 14-05-24). If there is a substantial change in value of the home between the date of valuation and the date of trial, the court may adjust the valuation of that asset as necessary to effect an equitable distribution.
In conclusion, the division of the family home in a divorce in North Dakota is a complex process that takes into account various factors. It is always advisable to seek legal counsel to navigate this process effectively.