Connect with us

Law

Ask a Family Law Attorney: Who Keeps the House After a Divorce?

Fayetteville, Ar Real Estate Market

Filing for divorce can be a complicated process, particularly if there is a squabble about which spouse gets to keep certain assets. If you and your spouse can’t agree on who should keep the marital home, you may need to mediate your divorce agreement with the help of Houston’s top divorce attorney. An attorney can help you easily sort out the division of all shared assets and debts.

Ask a Family Law Attorney: Who Keeps the House After a Divorce?

Determining which spouse will keep the marital home after a divorce is a process that will vary from couple to couple. For example, some couples may mutually agree on which spouse should keep the home, while other couples may reduce this decision to financial needs. Learn more about the division of shared property to prepare for your divorce negotiation.

Is the Home Separate or Community Property?

Overall, because Texas is a community property state where shared property can be divided equitably, you will need to discuss your specific situation with a lawyer. Shared property is generally any asset that is obtained during the marriage or can sometimes be assets that both spouses contributed equally to. Separate properties are assets that belong only to one spouse, such as a separate bank account. The deed on the home or the mortgage arrangements will generally determine whether a home is

shared or community property. If you or your spouse owned the home before the marriage, then it’s easier to say that the home belongs to one of you. If you bought the house together and contributed equally to mortgage payments, or mortgage payments were made out of a shared financial account, it’s more likely to be considered community property.

Are There Other Assets of Equal Value? Sometimes, determining who keeps the home will depend on whether there are other assets in the marriage of equal value. Essentially, this is a method that functions as a trade. For example, if you want to keep the marital home, you must be willing to give up other assets. Although property can certainly be split 50/50, it’s often more realistic to divide assets equitably, especially if one spouse has a much higher income than the other.

Do Children Live In the Home?

Whether or not children live in the home may also be an influential factor for which spouse can keep the house after a divorce. If you are awarded primary custodianship of children from the marriage, then it’s more likely that you will be able to keep the house after the divorce. This is because staying at home will give children more stability.

How Can You Keep Your Home?

If you want to keep your home after your divorce but do not have access to assets of equal value to trade in the divorce negotiations, there are a few strategies you can use. In particular, you will need to discuss this goal with Houston’s top divorce attorney so your lawyer can help you achieve this goal. In some divorces, it’s possible to split the value of a home equally between both spouses. This arrangement allows you to buy your spouse’s portion of the home after the divorce. This method of buying your spouse’s portion of the house is also applicable if the house is already paid off. Instead of refinancing to pay both shares of the mortgage under your name, you will instead purchase your spouse’s equity in the home.

How Can Houston’s Top Divorce Attorney Help?

There are several ways an experienced divorce attorney can help you keep your home and achieve other goals in your divorce. A large part of your divorce will include analyzing the finances of both spouses, including income, separate assets, debts, and shared property. From there, if you are filing an at-fault divorce, this may influence how property is divided. Divorcing with children is also a heavy factor that can have a direct impact on all asset divisions.

Why Mediation Is Sometimes Better Than Litigation

Litigation or going to court to finalize your divorce is usually only necessary when spouses cannot come to agreements about how to divide assets, debts, and children during a divorce. However, litigating a divorce is a much longer process that can take several months, which is why you may want to focus on mediating or negotiating your divorce with the help of a lawyer. Mediation can finalize your divorce agreement much more quickly. Your marital home is likely the largest and most valuable property shared by you and your spouse. Determining who will keep your home will depend on your circumstances, whether there are any children, your financial capability, and whether the home is considered community property. A lawyer can give you more guidance on how to use mediation to achieve all of your divorce goals.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Comments

Recent Posts

Categories

Trending