A divorce isn’t an easy situation for anyone, and it can be difficult enough to deal with the emotional aspects. But in addition to the emotional distress a person may be going through, there is additional stress in the divorce process itself. One of the more contentious issues a couple may face is property division. The family home may be a sticking point because of its financial and emotional value.
There are several options a Texas couple may choose in deciding what to do with the family home. These include:
- Sell the home: Many couples choose to sell the family home and split the proceeds. In this situation the home is put on the market and the couple decides what renovations need to be done before the sale and what the listing price should be. Once the property is sold, the parties divide the proceeds according to the terms of their divorce settlement.
- Buy out the other party: In this situation one of the spouses pays to take over ownership of the other spouse’s share of the house. The remaining spouse then needs to refinance the home in their own name.
- Co-own a divorce home: Some couples choose to continue owning the home until a certain future event, such as their youngest child graduating from high school. This can help ease the stress of the divorce on the children, as they would remain in the home, the community and the school that they are familiar with. When the date to sell arrives, the parties sell the home and divide the proceeds.
- Divide large assets: High-income couples who have multiple large assets may need a detailed strategy for dividing their property, These assets can include the family home, along with a vacation home and a large investment portfolio.
A legal professional who is skilled in divorce and family law can help their client navigate this difficult time while making sure their future is protected.