Property division in a Texas divorce involves a lot of decisions on complex issues. Marital assets and debts must be divided, and a home is often your most valuable asset.
You have a few different options when it comes to what to do with your home during a divorce.
However, before deciding on an option, it is best to have a home appraisal done. You and your spouse can choose your own separate appraisers and have two appraisals done, or you can use the same appraiser and agree to accept the value the appraiser comes back with.
Sell the home
Once you have agreed on the home value, it is time to decide what happens to the home. Even if one or both of you want to keep the home, the unfortunate reality is that since divorce usually means you will no longer have a two-salary household, neither of you may be able to afford the home on your own.
In that case, you can choose to sell the home and split any proceeds equally. This can also allow both of you to make a fresh start after your divorce.
One spouse keeps the home
If one of you can afford to keep the home, you can agree that the home goes to that spouse, but the spouse must buy out the spouse leaving the home.
This is done by refinancing the mortgage. Refinancing removes the other spouse’s name from the mortgage and sets up an entirely new mortgage in the name of the spouse keeping the house.
Both spouses keep the home
A less-common option is that both you and your spouse keep the home. This option is usually considered in situations where minor children are still living in the home.
Both spouses can continue to live in the home, or one spouse can leave, but continue to pay or contribute to the mortgage, with the home continuing to be jointly owned.
The obvious downside to both of you keeping the home is that your lives will not truly be separate, even after divorce. This can make moving on difficult.
Before deciding what options is best for your situation, it is best to speak with a family law attorney.