If you’re going through a divorce in Texas, and you either bought a home during the marriage or during the divorce process, you might be anxious to find out what’s going to happen to the property. What happens to the house when you get divorced depends on both Texas law and the decisions you and your spouse make.
If you want to know more about who is entitled to the house in a divorce, get to know what Texas law says about this issue.
Who Keeps the House in a Divorce?
So, what happens to the house when you divorce? Texas is a community property state, which means any items you or your spouse purchase during the marriage belong to both of you.
This rule also applies to anything you buy while the divorce is pending, which means if you bought your house either during marriage or before the divorce was final, your spouse owns half of it. This is the case even if only your name is on the title.
So, in a Texas divorce, who gets the house? The answer is that you’re both entitled to it and must decide together what to do with it.
Deciding What Happens to the House When You Get Divorced in Texas
If you’re wondering what happens to a house in a divorce, note that there are a few choices here. One option is that one spouse buys the other out so he or she can continue living in the house when the other spouse moves out.
The other option is for the couple to sell the house and split the proceeds. You and your spouse will need to discuss these choices to decide who keeps the house in a divorce in Texas.
If you can’t agree on your own, talk to Houston property division lawyers at The Moffett Law Firm for help with this process.
One Spouse Remains in the House and Buys Other Spouse Out
If you want to stay in the house, you will need to buy your spouse out of the mortgage. Typically, this means you will split the equity with him or her. Thus, if you owe $100,000 on the mortgage, and the house is worth $200,000, then the equity is $100,000, and you have to split that in half. That means you need to pay your spouse $50,000 if you want to be the one who keeps the house in a divorce in Texas.
In an attempt to keep the division of assets fair, the court might award your spouse other property if you get to keep the house. This is especially the case if your spouse is not thrilled with the idea of you keeping the house.
Awarding your spouse some or all of your retirement account, or a vehicle you own together, might make him or her more likely to agree to let you keep the house. Once the divorce is final, you will have to refinance the home so that it’s in your name only.
Sell the Home and Split the Proceeds
There’s another option in the decision of who gets the house in a divorce in Texas, and that’s for you to sell the house and split the equity. This tends to be a popular choice when couples are dealing with Texas divorce and home ownership since it gives both individuals a fresh start. It’s also a good choice if neither of you can afford the house payments after the divorce.
Who Gets the House in a Divorce with Children?
During a divorce, who gets the house when there are children involved? As with most legal matters, the answer is never simple. However, you should know that the court tends to want to keep the children in the home they already live in so as not to disrupt their lives during divorce.
If one parent will have custody of the children more than the other, he or she has a better chance of being the one who keeps the house in a divorce in Texas.
If you need help figuring out how to get the house in a divorce, the Houston divorce lawyers at The Moffett Law Firm can help. Contact us today!
