Divorce is never easy, and one of the most emotionally and financially fraught issues for many people is determining who will stay in the house. If you are like many divorcing couples, your home is probably both your most significant financial investment and a deeply emotional symbol that can be imbued with even more significance if you have children. In addition, your home is more than just its potential value at sale —it consists of everything you’ve lovingly put into it, including upkeep, beautification, and furnishings. As such, it can be nearly impossible to assign it a specific financial value.
Texas: A Community Property State
The property that you and your spouse acquire as a couple is generally considered community property and is subject to division in a divorce. While your home obviously can’t be split down the middle, the court will carefully consider the specifics of your situation in determining who will remain in the home. In so doing, the court will assess who is best equipped to live in the home with the children and who is financially equipped to pay the mortgage. In general, the courts prefer to disrupt children’s lives as little as possible and to allow them to remain in the family home whenever possible.
Remaining in the Family Home
If the court deems that one party to the divorce is better equipped to stay current with the existing mortgage payments, that party may obtain the family home in a divorce. The courts, however, are careful to keep the scales of property division in balance and may award the other party another marital property, such as retirement assets. In addition, the spouse who retains the home will typically be required to pay the other partner his share of the house’s equity.
Selling Your Home and Dividing the Equity
Sometimes both parties agree that it’s best to sell the family home and divide the proceeds according to either their own arrangement or to a court order. This is often a consideration in grey divorces, in divorces that don’t involve children, or in divorces where neither person can afford the mortgage payments.
Every divorce is unique. The issue of who will remain in the family home after divorce is often ranked second in importance only to that of child custody. If you are invested in remaining in your home after divorce, you need an experienced Texas divorce attorney.
Consult with a Skilled Sugar Land, Texas, Divorce Lawyer
If you’re facing a divorce, it’s in your best interest to retain an experienced Texas divorce lawyer. To discuss your situation with a knowledgeable Texas family law attorney, contact the Vendt Law Firm, P.L.L.C., today. Attorney Frank J. Vendt is committed to protecting your property rights and to resolving your divorce as favorably as possible. To schedule a consultation with Mr. Vendt, call our office today at (832) 276-9474 or send us an email through our online contact form.