When you are facing divorce, you have a lot of questions. You know life will change now that you and your spouse are splitting up, but you wonder what exactly you’ll have to give up when you split your assets. Will you have to let your spouse keep the family home?
How does property division work in Texas?
Texas is one of nine community property states, where couples split assets 50-50. That means everything from retirement accounts, investments, vehicles, furniture and home property assets are split in half.
You and your spouse will have to decide which assets you’d like to keep and which you are willing to let go. If you really want to keep the family home, you’ll have to know how much its currently worth. Then, you’ll have to give your spouse other assets that are worth half your home’s value.
Is your home marital property?
Even if you bought the home before you were married, if funds to pay the mortgage, maintenance and upgrades came from a joint account, your home likely is marital property. Your spouse will be eligible for 50% of the home’s increased value over the marriage.
Should you keep the family home?
Before you decide you’re willing to let go of other assets to keep the family home, you should know if you can afford the home on your own. Not only will you be paying the mortgage costs, but taxes and repair and upkeep costs.
Many people who go through divorce end up refinancing the family home, or some even later sell it because they can’t afford to pay for it after divorce.
Dividing assets during divorce sometimes is complicated, especially if you have multiple assets and investments. Working with an experienced divorce attorney can help you get a better idea of how your assets will be divided in divorce and if you can keep the family home.