For most divorcing spouses, their home is their greatest asset and, understandably, it is something that means a great deal to both spouses. Texas applies the community property standard when it comes to asset division, which means that, unless you and your spouse have a marital agreement, all marital property will be divided according to state law.
That said, there are some rare situations in which the home may solely belong to one spouse. For example, if it was an inheritance, it may be separate property. However, if any of the other spouse's income went into maintaining or updating the home, that spouse may have a claim to some of the home's equity.
The Impact of Child Custody
If you are the primary caregiver for your children and you remain in the home during the divorce process, this may improve your chances of being awarded the home. Keep in mind, however, that if you are awarded the home, your spouse may be awarded a comparable share of other marital assets to make up for it. If you cannot afford the property taxes and the cost of maintaining the home, keeping the home may not necessarily be in your best interests, so it is crucial to understand all the implications of keeping the family home.
Although divorce may often feel like a win-lose game, you must consider your new financial circumstances. While you and your spouse may have been able to afford the home on a two-person income, you might not be able to do so on your own. If you or your spouse cannot cover the cost of the home, refinancing the home to cash out equity may be a more viable option. Your attorney will be able to advise you on the best course of action.
Reach Out to Our Law Office for the Knowledgeable Representation You Need
If you are seeking a divorce, you will need experienced legal representation on your side to help you secure the best possible results for your case. At Labovitz Law Firm, our family law team is backed by more than 16 years of experience, so you can feel confident in our ability to assist you during this difficult time.
Call our law office today at (817) 374-4056 to set up a free initial consultation with a member of our team.