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What happens to the family home in a divorce?

On Behalf of | Jun 28, 2023 | Divorce |

In a Texas divorce, assets acquired during the marriage are, with some exceptions, divided in an equal fashion. Therefore, assuming that the home is held in the marital estate, you would be entitled to roughly 50% of its value. Of course, you would need to account for closing costs, the cost of an appraisal and other potential expenses when determining your cost basis. Other variables may also come into play when determining what to do with a home in a divorce.

You can keep the home

If you can afford to make mortgage payments and cover other carrying costs, you can ask for full ownership of the house. However, your spouse will still be entitled to roughly half of the equity in the home at the time of the split. You can buy the house from your spouse, refinance the current loan or make other arrangements to ensure that this happens.

Your spouse can ask for the house

Your spouse may ask for the home because of a sentimental attachment or because the kids that you share would do better staying at home. There is a possibility that you and your spouse will split time between the family home and an outside home or apartment after the divorce is finalized. This is referred to as nesting and allows your children to remain at home until a permanent solution can be found.

The house can be sold

You and your spouse may decide that it’s best to sell the home and split the proceeds from the sale. Alternatively, a judge may order that the house be put on the market if no other solution can be reached. However, even if a home is sold pursuant to a court order, it may be possible to delay the sale if doing so makes it easier to get the best deal.