You’ll have to make multiple financial decisions when you navigate a divorce. While child support and alimony might come into play in your case, you’re certainly going to have to address property division. Even though Texas is a community property state that typically requires equal distribution of the marital estate, you and your spouse can come to an agreed resolution that divvies up your assets as you see fit. You might see that as an opening to advocate to keep the family home, but is that the right choice for you?
Considerations before taking on the family home
Before you fight tooth-and-nail to keep the family residence, you have to understand what successfully doing so would mean for your financial future. Here are some ways that retaining the family home could impact your financial stability moving forward:
- Maintaining the premises, such as by keeping up with your landscaping, can be costly and time consuming.
- Repairing home problems, such as those related to plumbing, electrical and roofing can be extremely expensive.
- Paying property taxes and homeowner’s insurance can be more burdensome than expected.
- Staying current on the mortgage on your sole income may be more than you can handle.
- Decreased property value could leave you with less in equity than you think you’ll obtain.
As a result, there’s a lot of risk associated with keeping the family home coming out of divorce. But there may also be benefits to keeping it. You just need to conduct a holistic analysis so that you know which approach to the family home is in your best interests.
Protect your future during divorce proceedings
There’s a lot of stress associated with the divorce process. But you don’t have to let it paralyze you with fear. Instead, you can carefully think through the legal issues in play so that you can develop a strong strategy that positions you for successful post-divorce life. That way you can comfortably move forward with your marriage dissolution, knowing that you have an opportunity to start the next chapter of your life on the right foot.
