How do you divide a house in a Texas Divorce?
Often a couple’s home is their most valuable asset, which means it plays a starring role in the division of marital property upon divorce. If one of you is invested in keeping your family home – perhaps to continue living there as your children’s primary custodial parent – it can complicate the matter even further.
If you are facing a divorce in which you’re unsure about how to handle the division of your family home, turn to the professional legal counsel of an experienced Southlake divorce attorney.
If You’re Selling the House
If neither of you intends to stay in your family home, the clearest path forward is selling your home and dividing the proceeds. Concerns such as the following, however, can arise:
- Whether your divorce coincides with the best time to sell – or even with a good time to sell
- How long it will take your house to sell
- Whether or not there is considerable work to be done before you can maximize your home’s sale price (and who is going to take on the job of directing this work)
In other words, even if you take the straightest path possible, complications can arise.
If Both of You Want the House
If you are both vying for your family home, the matter can quickly become hotly contested. The fact that there is often a strong emotional component involved tends to throw gas on the fire. Ultimately, the court will take matters such as which of you is more financially capable of taking over the mortgage on your own into careful consideration. If primary custody, however, is attached to the bid, the court will focus on the children’s best interests in the process of making a determination. Often, maintaining the status quo is considered beneficial for children experiencing the stress of divorce.
If One of You Wants to Keep the House
If one of you is very invested in staying in your home but doesn’t know how you can swing the financial division, there may be a viable option. Consider the following:
- You and your ex could continue to own the home together until your children are on their own.
- The ex who is remaining in the house could get a loan to buy out the other’s ownership.
- The ex who is remaining in the house could offset the other’s ownership in the home with a compilation of other assets
Even if the divorcing spouse who wants to remain in the home can find a way to make it work financially, there is the issue of the home’s value to contend with. One approach is choosing an appraiser together and agreeing ahead of time to honor his or her professional determination.
Don’t Delay Consulting with an Experienced Southlake Divorce Attorney
If the matter of dividing your home is a concern in your divorce, the trusted divorce attorneys at Mims Ballew Hollingsworth | Family Law in Southlake focus their impressive practice on helping clients like you successfully resolve their challenges as they relate to the division of marital property. We are here to help, so please don’t hesitate to contact us for more information today.
Frequently Asked Questions about Divorce
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Being the first to file a case (the Petitioner) provides strategic advantages throughout litigation. At trial the Petitioner makes their opening statement first, calls their witnesses first, can delay the other party (the Respondent) from speaking until after all the Petitioner’s evidence is presented, and in closing arguments speaks both first and last.
While the Petitioner and Respondent have the same rights and often share the same burden of proof, filing first can certainly help with persuading the Court. Letting the Court know your side of the story first can help when it comes to decisions such as why your children should live primarily with you, why you deserve alimony or why the other party does not need it, or who gets to keep the marital home. If there are facts harmful to your case, filing first allows you to get in front of these and take the sting out of the Respondent’s argument.
Aside from benefits at trial, filing first provides an opportunity to send a message to the Respondent and direct how the case proceeds. Your first filing can indicate a desire to be amicable or can let the other side know you are prepared to fight. Your first filing can also be used to obtain a restraining order or set a hearing before the Respondent even knows a case is filed. Even how you notify the Respondent can impact your case, whether it with a formal process server at their place of employment or through providing them the opportunity to avoid this scenario and voluntarily accept the filing.
If you are considering filing a family law case, there are benefits to filing first. Schedule a consultation with a family lawyer at Mims Ballew Hollingsworth | Family Law to discuss these benefits and develop a game plan for your case.
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