Who gets the house in a Texas divorce?

The property division process during divorce can set the stage for your financial well-being for a long time to come. That’s why you have to navigate it with care, ensuring that you receive the portion of the marital estate to which you’re entitled. Texas recognizes community property, meaning that marital assets have to be divided evenly, which may seem to simplify the process. However, when it comes to the marital home, figuring out a way to effectively divide the asset in a way that protects your interests can be tricky.

Technically, both you and your spouse are entitled to your representative shares of the family home. Therefore, figuring out how to divide the residence can be difficult. Here are some options that you’ll want to consider:

• One spouse buying out the other: This is a common scenario. Here, one spouse simply pays the other spouse to acquire a full interest in the marital home. To buyout the other spouse, though, you’ll likely need a lot of cash on hand, which may mean dipping into savings or retirement funds. The amount needed might also leave you unable to exercise this option.
• Using other marital assets to find fair resolution: If a cash buyout isn’t possible, then it may be worth exploring other settlement options that allow one spouse to keep the family home while giving the other spouse different assets in exchange. For example, one spouse may give up more personal property, such as jewelry, furniture, equipment or vehicles, to retain the marital home.
• Sell the home and split the proceeds: This is another popular option because it’s more straightforward. Here, you and your spouse agree to sell the home for an offered price, at which point you evenly divide whatever profits are realized from that sale. You just have to make sure you get a fair price for your home so that you end up with the resources needed to build the next chapter of your life.
• Continue joint ownership: This is a less utilized option, but it’s one that may appeal to you. Here, you and your spouse continue to co-own the home and share the expenses related to it, which can help you continue to build equity in the residence. Typically, one person remains in the home while the other finds alternative arrangements. In some instances, it makes sense for the individual residing in the home to make concessions to their spouse to render the arrangement fairer, such as taking on a larger portion of the mortgage and upkeep costs.

Other considerations when dealing with the family home in divorce

There are other issues you should consider when dealing with the family home in your divorce. For example, if you have children, then you might want to find an outcome that allows your kids to stay in the home that they’re used to. This can minimize disruption and help protect their best interests throughout the divorce process.

There are a lot of different ways to approach divorce and the property division process. You have to find the strategy that best protects your interests and your future. This will require knowledge of the law and an understanding of the long-term ramifications of each option available to you. Fortunately, you can seek out support during this difficult process to better ensure that you make the decisions that are right for you. By wrapping yourself in this support, you can hopefully secure the outcome needed to successfully position yourself for the next phase of your life.