When a Houston area couple gets married, they assume it will last forever. Their relationship can usually withstand a few storms but sometimes it all becomes too much, and a divorce becomes inevitable. One part of a divorce process is asset allocation and determine who gets the family home can be an emotional and complicated situation.
The family home often holds years of memories and is a place that a family has spent time decorating, remodeling, and just making it feel right. When a couple decides to get a divorce, it can be hard to work out who will receive the home. It is often one of the largest assets a family may have. Since Texas is a community property state, the property acquired by a husband and wife during the marriage is subject to division during a divorce.
Since a house cannot be physically divided the court can do a variety of things to split the home. The court may look into who can make the house payments on their own or who is getting custody of the kids. Usually the court wants to keep the children in the family home in order to minimize disruptions in their life. One way to split the family home would be to have one spouse stay in the family home while the other spouse receives assets equal to what half the house is worth. These assets could come from retirement accounts, savings accounts, etc. The spouse who stays in the house may also use the equity in the home to pay off the other spouse. The house can also be sold and both spouses would split the proceeds and start their new single life in a new location.
A legal professional who is skilled in Texas divorce can help their client understand their options in a divorce situation. This is a critical time in a person’s life and having a skilled negotiator on your behalf can be a good idea.