When you split from your Texas husband or wife, you will undoubtedly need to untangle many parts of your lives from one another’s, and part of this process generally involves dividing any assets or debts you currently share. For many Texas residents navigating their way through divorces, their homes represent their most valuable assets, so figuring out how to divide up any equity you have in your home is one of the most critical elements of asset division.
Per NerdWallet, most divorcing homeowners have several options at their disposal when it comes to splitting up equity they have in their homes. If market conditions are favorable, you may find that simplest way to untangle your life from your ex’s involves selling your shared house and then splitting up any proceeds you make when you sell between you.
If the housing market where you live is not particularly strong, though, it may not serve you well to sell your house immediately. Some couples choose to “wait out” the market while living together in the home. Others might have one party stay in the home one week or month, and then the other, until the market improves, if finances allow or if there are children living in the home who might benefit from such an arrangement.
A third option may benefit you if you or your ex wants to stay in the home alone after your divorce. Under these circumstances, the person who wants to keep the home may be able to refinance the mortgage to remove the other party’s name. The person staying in the home, then, can obtain a new loan while the other party can move on with finding a new living arrangement.
This copy about your options as far as splitting home equity in divorce is informational in nature and not a substitute for legal advice.