Getting a divorce in a community property state like Texas can result in additional anguish when it comes to dividing up real property. When a couple can’t agree, a judge may have to intervene to determine how to divide any assets. While a judge may provide a solution to your housing woes, more amicable routes are also available.
Determining the fate of the house in a divorce
Selling the house may seem like the obvious choice when getting a divorce. With the right legal guidance, divorcing parties can settle the debate about who gets the house without going to court. For the most part, everything acquired during the marriage belongs to both parties. If one person owned the home pre-marriage, it may fall under a special exception.
Divorce comes with certain consequences, and the house typically represents the largest asset to divide. When one spouse wants the home, they may agree to keep the house and any debt associated with the home. Another option involves giving the spouse half of the current value of the house. Divorcing parties may also agree to divide up assets in a way that makes it equitable for one party to keep the house.
With so many legal pitfalls involved in a divorce, it’s important to fairly divide assets. Many couples opt to sell a home to get a clean break from the marriage while other couples may wish to let the children stay in the home. After making a decision, a consultation with an attorney can ease the process.
Navigating complex legal scenarios while dividing property
Selling your house in a community property state requires you to navigate several complex legal scenarios. Attorneys can offer advice and provide guidance for determining options for handling the family home.