Divorcing couples in Texas usually face several major challenges. Finding a way to separate their financial resources can often be one of the biggest hurdles during divorce proceedings. Spouses often argue over how to share marital assets and responsibility for marital debts.
Many people focus their negotiations on specific resources. The assets that have the biggest impact on someone’s standard of living and that represent the most significant investment of marital resources are often the biggest sources of conflict during a Texas divorce. People may focus on the home that they purchased during the marriage when trying to secure a fair share of the marital estate.
Community property laws leave a lot to the discretion of the judge or to the spouses negotiating a settlement. Who usually keeps the house when spouses divorce?
The spouse with the pre-existing ownership interest
Sometimes, one spouse enters a marriage with real property already in their name. Maybe they purchased a home shortly after beginning their career or inherited it from a family member.
That pre-existing relationship may give someone a stronger claim to possession of the home as the divorce moves forward. Even when someone may have previously purchased the home, at least part of its equity could be part of the marital estate. They may need to negotiate a way to share that equity with their spouse when they decide to retain possession of the home.
The spouse with more parenting time
Sometimes, the most important factor when deciding who should live in the home is who spends more time caring for the couple’s children. Allowing the kids to spend as much time as possible in the home where they grew up can help keep things stable and predictable during a disruptive experience.
Parents often factor in the needs of their children when trying to settle property division matters. There are other considerations too. Sometimes, finances are what determine who stays in the marital home. One spouse might have a much better credit score than the other or more income. The ability to qualify for a mortgage can be the deciding factor in who stays in the home.
Even physical health could influence the negotiations, as one spouse might not be able to physically maintain the home without the support of the other. Regardless of who stays in the home, spouses generally have to find a fair way to share the accrued equity in the property. They can achieve this by refinancing or possibly by leveraging other assets to balance the value of the home.
Having a realistic expectation for what happens with particularly valuable assets may benefit those preparing for a Texas divorce.