When you marry someone, you are joining your lives. This means you will jointly own multiple assets, including vehicles and property. For some couples, what to do with the family home is a huge source of conflict during a divorce.
A decision must be made about what to do with the home you purchased together. What options do you have for your family home when divorcing in Texas?
Request to stay in the house
One party may want to stay in the family home after a divorce. Before seeing if this is something your spouse would agree to, you need to ensure you can refinance the home in just your name. Qualifying for a loan can be challenging, especially alone, so check and see if this is realistic for you.
Allow your spouse to keep the family home
Do you want a fresh start? If so, letting your ex-spouse stay in the home may be right for you. When the property is refinanced, you get your portion of the equity. Another option is to keep other jointly owned property in exchange for your portion of the equity in the home.
Sell the house and split the proceeds
Selling the house is something many married couples do when divorcing. This is especially the case if neither party wants to remain in it or if neither party can refinance alone.
Handling the family home in a divorce
As you can see, you have several options for handling the family home during a divorce. Keep the information here in mind, which will help you decide what option best suits your situation. If you can’t decide what course of action to take, you can allow a judge to decide on this issue for you.