For many Texas couples, the family home is the most significant asset they own. Naturally, in a divorce, the ownership of the home is a primary concern.
Which spouse will remain in the family home (if any)? Can it be sold? Learn more below.
Texas is a community property state
Like its neighbor to the east (Louisiana), Texas is a community property state subject to those rules of ownership. Unless the property was separately owned by one partner before the marriage, the family home is typically jointly owned by both marital partners.
What are the options?
Some spouses with children choose to let one parent remain in the home to provide continuity for the kids. The parents can then negotiate the property settlement with the continued residency included in the decision.
Sometimes, a clean break may better serve the parties. Selling the family home outright may provide sufficient funds for both spouses to start over unencumbered by the baggage of their former marriage.
Which works best for you?
By allowing one parent to remain living in the former family home, you may just be kicking the settlement can further down the road. Even if you agree now to sell it after the kids are out of school, nothing guarantees that the property will be damage-free when it’s time to put it on the market.
All it takes is for one Cat 4 or 5 hurricane to churn up out of the Gulf and wreak extensive property damage to the home. Also unsure are future market conditions that could substantially inflate or decrease the eventual purchase price.
Confused? Seek professional support
Nobody has to work through these conundrums on their own. Your legal team will brief you on your options and help you come to the negotiating table armed with a strategic divorce plan.