Shared property is typically vulnerable to division when spouses divorce. Under the community property rules in Texas, both spouses have an interest in most of the assets they acquired during the marriage. Any resources purchased or even improved with marital income may also be part of the marital estate.
Typically, the home where people live with their spouses is vulnerable to division in a divorce. Obviously, people can’t just split the house in half the way that cartoon characters do when they fight. Instead, one moves out while the other stays in many cases.
The spouse who leaves usually receives a portion of equity or other marital property for giving up their interest in the home. Many people fight over their homes, wasting time and energy unnecessarily. Before choosing to fight for the home, people usually want to consider the three issues below to determine if staying in the home is really the best option.
1. Financial qualifications
Married couples typically combine their income to qualify for a larger mortgage than either could secure on their own.
Especially if the plan is to withdraw equity to compensate the other spouse, it may be difficult for one person to afford mortgage payments on their own. A thorough financial review is typically necessary before people set goals for property division proceedings.
2. Custody arrangements
For those who have children together, custody arrangements can have a direct impact on what happens with the marital home.
Keeping children in the same school district and close to their friends might be a priority. The parent who has more time with the children may have a stronger case when asking to keep the marital home.
3. Property maintenance
Maintenance can quickly become an issue for people who own homes without the help of a spouse. Spouses usually divide maintenance and housework responsibilities. Particularly if a spouse has a demanding career or medical challenges, they may not be able to maintain the property without support.
Advanced age can also make solitary homeownership less desirable. People may also want to consider their emotional attachment to the property and how living there might remind them of the marriage after the divorce.
Staying in the marital home is not always the best divorce goal for people to set. Those who think carefully about their circumstances may make more rational decisions about the terms they seek or propose in an upcoming divorce.