The marital home is typically the biggest asset a married couple has, so it may quickly become a source of conflict among spouses navigating property division during divorce. Couples going through a divorce in Texas have multiple options for dealing with their family home. Here is a rundown on how to handle asset distribution with a jointly owned home.
Family home and property division
A married couple getting divorced may sell their marital home and divide the profits. Another option for handling the family home is for the two parties to maintain their joint mortgage on the home and treat it like an investment home, which may mean renting it out to vacationers or longer-term tenants. The third option is to let one party keep the house and mortgage while his or her future ex-spouse receives other assets instead.
The spouse who decides to keep the mortgage would be wise to assess their monthly budget to determine if they can afford it. In addition to paying the mortgage, that individual will have to pay property taxes and maintenance costs. It is recommended for a homeowner to spend no more than 27% of their gross monthly earnings on housing costs and 35% or less on all debt payments, including the mortgage.
How a family law attorney can help
An individual in Texas going through a divorce may want to hire a family law attorney as soon as possible. A family law attorney can help him or her determine whether to pursue the family home or other assets, such as money and antiques, as part of the property division process. The attorney will push for the most personally favorable outcome for his or her client given the circumstances surrounding the marital breakup.