When it comes to the division of the family assets during the divorce, the marital home presents major challenges. “Who gets the house in a divorce?” is a common concern. Not only is the house one of the more financially valuable assets at stake, the home is also carries the highest emotional value for a lot of people.
Texas bases division of assets on the community property principle, which regards property accumulated by either spouse during the marriage as joint or community property. This property belongs to both the spouses, which the court will distribute in a fair and just manner if the spouses cannot decide how to split it themselves. It’s important to remember that the division of the assets need not be equal, but must be fair and just.
Here are some options that couples might consider.
One Spouse Keeps the Marital House
In many cases, one of the spouses will keep the home as part of his or her share of the joint property assets. The spouse who keeps the house will be responsible for all the expenses related to the maintenance, so keep this in mind.
In a lot of cases, the spouse with whom the children will primarily reside will retain the home. This might be helpful to keep things as normal as possible for the kids during the divorce. Some might eventually sell the home after a few years and divide the proceeds with the other spouse. Talk to your attorney about this option to discuss whether it’s feasible and to work out some of the details.
Sell the House and Divide the Proceeds
Some couples decide that it is best to sell the house and then divide any proceeds between them as part of their divorce settlement. This might be an easy and convenient way to handle the issue, as neither spouse retains the home but both split the proceeds.
Refinance the Home and Buy Out
Also talk to your attorney about refinancing the home and then buying out your ex-spouse’s interests. This might be a good way to split the house as part of the divorce settlement while one spouse remains in the home, perhaps with the children.
Always Protect Your Interests When Dividing Assets
Most people aren’t setting out to leave their spouse with nothing after the divorce. But that doesn’t mean you shouldn’t protect your interests during the process. Decide which assets are most important to you and be willing to compromise. Of course, some cases will have to go to court if the spouses cannot come to a resolution on their own.
During negotiations and litigation, make sure you have legal representation. Call 214-265-7630 to set up a consultation with the Law Office of Julie Johnson in the Dallas area. You can also contact us online.