Figuring out how to divide marital assets during divorce proceedings in Texas can be complicated, especially if the assets include a family home. Those facing the end of a marriage often have strong emotional attachments to their homes, but this does not mean keeping the family home is a wise financial move. Here are a couple of options for dealing with the marital home during divorce.
Selling the home or refinancing the mortgage
One option is to sell the marital home and split the profits. This will help ensure the fair division of the asset. Selling the house will also give parties the chance to start fresh in their living situations.
Perhaps one spouse prefers to keep the home even though the mortgage is in both names. In this situation, the person keeping the home will have to refinance the home mortgage into his or her own name. The other party might receive other marital assets whose value is equivalent to what he or she would have received had the two parties sold the house and divided the profits.
An attorney can help
A family law attorney in Texas can help a client pursue a fair and comprehensive settlement at the negotiation table, eliminating the need to go to trial. However, if the spouses cannot reach an agreement on how to divide the marital home or other assets, the attorney will be prepared to litigate this matter in court. Either way, the attorney will push for the most personally favorable outcome for the client given the circumstances.