You and your spouse have decided to divorce. In Texas, property division is a big part of what comes next in the dissolution process. While such issues as child support, custody, visitation and maintenance can be revisited and modified in a divorce decree, you should know that once your property is divided, no changes can be made.
Where the family home is concerned, the spouse who receives primary custody of the children often feels compelled to keep the property. That spouse will typically argue that the children should experience as little disruption to their lives and routines as possible. Other arguments may center around emotional attachment to the home itself.
Regardless of whether children are involved or not, both spouses should put dollars and cents before sentiment when considering what to do with the family home. The individual who ultimately does get the property—if it is not sold—will have to consider how he or she will deal with mortgage payments, property taxes, insurance, utility bills and routine maintenance on a smaller post-divorce budget.
Before the actual division is made, each spouse should evaluate their asses and debts to figure out whether keeping the family home is economically viable. While it may be possible for you (or your soon-to-be ex) to keep the family home, doing so may be unwise depending on what you/your spouse must give up to receive and keep the property.
For example, the spouse with the greater interest in the home may have to renounce their interest in such assets as 401(k) accounts, pension or other retirement plans and turn them over to the other spouse to achieve a fair division of property held in common. If the cost to keep the family home is too high, then it is probably best for the divorcing couple to sell the family home.
The attorneys at the Barrera Law Firm can help you make the best decision possible regarding whether or not to keep the family home. They will explain your options and develop a no-nonsense plan to make the division of property between you and your spouse one less thing you’ll have to worry about.
