Texas couples who are ending their marriage and who own a home together will need to decide what to do with their residence as part of the overall settlement. Because divorce is a process that can become highly emotional, it is important for couples to seek information about their options so they can make the best rational financial decisions.
There are some basic options a homeowner can consider when it comes time to decide what to do with their home as part of the the asset division process. Couples can decide to sell the home immediately and split the proceeds, they can choose to keep the home for the time being, even if only one of them will be living in the home, or they can choose to have one person buy out the other. Each option has different economic implications, and the decisions should be made thinking about what each person can afford to do after the divorce.
There are some things to keep in mind before making the decision. For example, if the couple chooses to sell the home, they should know that if the court is making the property division ruling, the proceeds may not end up being equally split. For example, a judge may allocate a larger share to the person who provided all or most of the down payment. Other factors that might affect the financial decisions of divorcing couples include the realization that whoever decides to stay in the home will now have to meet all of the related expenses on just one income.
Property division can be one of the more difficult aspects of the divorce process. People who want to get it over with as quickly as possible may want to realize that making hasty decisions could lead to significant financial problems, and they thus may want to have the advice and counsel of a family law attorney before agreeing to any settlement offer.