When Texas couples decide to call it quits, there are many intense emotions and feelings to sort through. On top of that, you must wonder about custody of your children, child support and splitting property. If you and your spouse own a home together, there is also the question of who keeps the house and what is the best way to handle the changes?
Zillow gives several options that couples can choose from when deciding what to do with a house. One is to keep things how they are and co-own the property even after the divorce. This may work for couples who are upside down in their house or do not have the ability to purchase the home on their own. The downside of this is that you are forced to work with your spouse to maintain the home and if one party stops paying, it still affects the other spouse’s credit.
Another option is for one spouse to buy out the other party by paying half the property’s current market value. This allows one spouse to maintain some type of consistent living situation for children. This option is also favorable for a house that is in an unfavorable real estate market. The downside is that you must have a large sum of cash to make the payout.
You can also decide to simply sell the house outright and split the money made. This provides closure and a clean break for couples who do not want to continue communicating. It can also provide liquid assets to be used to settle debts, pay for attorney fees and afford a new place to live.
Each couple is different and there are always additional factors to consider during a divorce. A family law attorney may be able to help guide you down the path at a time when life is difficult.
This is intended for educational purposes and should not be interpreted as legal advice.