The family home is a valuable asset in many ways. It carries an emotional value with all of the memories made there, but also a considerable financial value. The incalculable combination of these factors makes it clear that a house is a large investment.
That is one of the reasons why many people considering divorce wonder the same thing: what happens to the house?
How do you divide the family home?
If you and your spouse purchased your home during your marriage, it is community property under Texas’ property division guidelines. This is true regardless of whose name is on the deed to the house.
Of course, spouses cannot divide real estate property in half. It comes down to the value of the home equity and any debts attached to the house. Spouses must generally divide the value equally, whether that means:
- One spouse wishes to remain in the home after the divorce
- The spouses plan to sell the home and divide the proceeds equally
Selling the home and dividing the proceeds is often the strategy Texas family courts choose if spouses cannot agree on how to manage the home in property division on their own.
What if one spouse wants to keep the home?
Despite the rules governing community property, it is still possible for you to retain ownership of the house after the divorce. It is often possible to do so if:
- You still split the home equity equally, even though you keep the house
- You arrange for one spouse to keep assets that add up to a similar value as the home
However, in addition to considering the logistics of keeping the family home you must also carefully consider your financial ability to maintain ownership of the home. Kiplinger reports that it is becoming easier for individuals to stay in their home after divorce, but it is still essential to calculate your finances in your specific situation.
Arranging the details to keep the home after divorce can be a complex matter. You must remember to approach the process of dividing your assets – including your home – with great care and consideration for your future post-divorce.