Who Keeps the House?
Many people struggle to decide who should keep the house after a divorce. Texas is a community property state, which means that property is generally divided equally. Both spouses are entitled to at least 50 percent equity in the home. However, the judge will look at the following factors before they determine who gets the house.
- The financial circumstances of the spouse
- Each person’s contributions to the marriage
- The health and age of both spouses
- Whether either spouse engaged in any marital misconduct
- The value of the home
- Each spouse’s employability and job skills
If you are in the process of a divorce it is imperative that you do not try to represent yourself. A Plano divorce attorney can assist you in providing expert legal counsel especially in regards to real estate assets.
Should I let my Spouse Keep the House?
You need to keep the following questions in mind when you are deciding whether you should let your spouse keep the house.
- What does the Home Mean to You?
Many people have fond memories in their home. It is a place where their children grew up. It is also a place where they had happier days. You should think about all of the pros and cons of living in the home. Would living in the home make you happy or sad? Do you think you would be able to move past your marriage if you still remained in the home? Things like this.
- How Long do You Want to Stay in the House?
If you only want to stay in the home for a short period of time, then it will make sense to give it to your spouse. You do not want to have to go through the hassle of refinancing your home and getting your spouse’s name taken off of it. However, if you plan on staying in the house for a long time, then it makes sense to keep it.
Your house can appreciate over time. You can sell it in the future and get a lot of money for it. Your Plano divorce attorney can provide the details required to move the home into your name only and removing your spouse’s name from the mortgage.
- Will I be Able to Keep up With the Mortgage Payments?
You need to make sure that you will be able to afford the mortgage payments on your own. Keep in mind that the mortgage is not the only expense that you have to worry about. You will also have to pay utilities and maintenance costs. If you and your spouse have neglected maintenance, then you will have that expense. An experienced divorce attorney will be able to shed light on all the pitfalls that come with a single income home.
You will need to review your budget. Your housing costs should not exceed more than 30 percent of your income. For example, if you are making $3,000 per month, then your housing costs should not exceed $1,000. If you will struggle to take care of the home on your own, then it is best to give the house to your spouse or sell it.
What Do You Want to Ask Your Plano Divorce Attorney?
Because it can be difficult for you to decide whether you should keep the home, it is a good idea to hire a Plano divorce attorney. There are some questions that you may want to ask your attorney.
- If I let my spouse keep the house, then what do I need to do to take my name off the mortgage?
- If my spouse agrees to keep the house until our kids move out, then how do I make sure that they keep up with the maintenance and the payments?
- What do I do if most of my net worth is tied to the home?
- If I let my spouse keep the home do I receive anything from the sale of the home in the future?
- If my spouse keeps the home, but it goes into foreclosure, am I liable?
There are many legal questions that surround the ownership of a home and divorce. Navigating these waters without the assistance of an experienced divorce attorney can be treacherous. Going through a divorce is hard enough, so having the peace of mind that you have a divorce attorney on your side guiding you will alleviate some of the pressure and stress that comes with a divorce.
If you need a Plano divorce attorney, then you will need to contact our offices. You can call us at one of the following numbers for a free consultation.
Arlington (817) 522-4451
Dallas (972) 362-6848
Fort Worth (817) 764-1375
Plano (972) 354-4602
Cedar Hill (972) 338-9427
McKinney (469) 522-3688
Lewisville (972) 354-4605
Frisco (972) 725-7681
Grapevine (817) 835-8677
Irving (972) 354-4610
Keller (817) 204-0904
Garland (214) 572-2251
Denton (940) 222-4060
Addison (972) 564-8108
You can also contact us online by using our quick contact form.