During divorce proceedings, a couple needs to make a lot of decisions about how they will transition from living together to living apart. They need to figure out how they will divide all of the assets that they have accumulated during their marriage, including their home. There are several different property division options for figuring this out, and each person has unique circumstances that will inform how they want to move forward. If you feel confused about what you want to do with your home, a Dallas, TX property division attorney can offer you guidance and help you move forward.
What is Community Property?
Texas is what is called a community property state. That means that according to Texas law, all property and assets that a couple acquires while married are considered under the equal ownership of both spouses. However, actual properties cannot simply be divided in half, with each spouse taking their half. Instead, they need to calculate how much their home is worth and how much is still owed on a mortgage.
Sometimes, the decision is out of their hands. For example, suppose the couple has children, and one spouse is granted primary custody. In that case, the courts sometimes award that parent the family home if it can be determined that staying there would be in the children’s best interest. However, that spouse might be ordered to have the mortgage refinanced within a predetermined amount of time to avoid a situation in which they can’t afford the payments and the home is foreclosed.
What Are Our Options?
When spouses divorce, they can figure out what to do with their home in a few different ways. If one of the spouses owned the home before the marriage, it is not considered marital property in most cases. One of the easiest ways to deal with splitting a home acquired during the marriage is if both spouses prefer to sell it. In such a case, any profit from the home sale will be divided, and each spouse will get their fair share. Another option is for one spouse to “buy out” the other spouse and remain in the home. Additionally, if they have children, they might decide to let the children stay in the home with the parent who has been granted primary custody until their youngest child graduates, after which they will sell the home and still split the profits. When deciding what is the best option for you, a couple of important factors to take into consideration are:
Contact a Dallas, TX Divorce Lawyer
If you want to get divorced but are unsure what to do about your home, an experienced Fort Worth, TX property division attorney can help. Call Clark Law Group at 469-765-3910 so we can work together on a plan to protect your interests.