For most couples in the Dallas area who are going through a divorce, their family residence may be among their most valuable and important assets.
Couples who are by no means high earners are still likely to own a home together, and they will often have a lot of their net worth tied up in their home’s equity as the continue to pay down their mortgage.
Furthermore, Texas couples and their children have a lot of emotions and even a sense of identity and stability connected to their family home. It can be hard to leave it behind.
In most cases, a couple’s family home will be community property and subject to a just and fair division. However, there are some possible exceptions, such as if one spouse acquired the family home before they married or if they received the home as an inheritance or gift.
Those who think their family home may belong to them outright should see a professional legal opinion.
How important is it for me to keep the family home?
Practically speaking, whether a person should keep the family home after a divorce depends on another of factors that can vary by a family’s circumstances:
- If a parent is trying to secure more time with and responsibility over their children, keeping the family home may be important so that the children do not have to move after a divorce.
- A parent needs to think about what it will cost to maintain the home. Usually, the parent who keeps the home will be responsible for the mortgage and taxes as well as insurance and repairs.
- On a related point, a parent also needs to think about whether they can refinance their loan. A common term in a divorce negotiation is that the person who keeps the home will need to get a refinanced mortgage without their spouse’s name on it. The spouse will need to qualify for refinancing based on their own income and financial condition.
- Usually, a just and fair division will require the person taking on the home to pay off their spouse’s fair share of equity. The sole owner of the home may have to trade other property with their spouse, take on additional debts or even arrange to pay their spouse back for their share of the equity.
- Emotionally, a person should think about why they feel they way they do about their home. They should also consider whether letting go of the home might in time lead to better opportunities for them.
A person facing a divorce in the middle of it should make sure they understand their legal options.