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Who Gets the Family Home in a Divorce?

Texas high asset divorce attorney, Texas complex divorce lawyerOne of the most contentious issues faced by many couples going through a divorce is who will retain ownership of the family home. Texas is a community property state, which means that all assets acquired by a couple during their marriage must be divided equitably upon divorce. The family home falls under this category as well, which means that if a couple is unable to come to an agreement outside of court, a judge will need to devise an equitable arrangement. Property division is a complicated legal issue, which can be made even more complex by the emotionally charged nature of many divorces, so if you are considering a divorce and have concerns about property division, it is important to contact an experienced complex divorce attorney who can explain your options.

Community Property

All property acquired during a marriage will need to be divided during a divorce, including:

  • Bank accounts;
  • Investment accounts;
  • Automobiles;
  • Retirement benefits;
  • Real estate; and
  • Valuables.

While some of these assets are relatively easy to divide, determining who will keep the marital home can be much more complicated.

Equitable Distribution

To achieve an equitable distribution, courts take into consideration a number of factors, one of which is the ownership status of the home at the time it was acquired. If one spouse owned the home prior to the marriage, he or she may have a claim to a greater share of the property during division of the assets.

A judge can also award both parties a share in the property by:

  • Requiring one party to pay for the other party’s share;
  • Deferring distribution, which allows one spouse to keep exclusive possession of the property for a specific period of time until the home can be sold;
  • Requiring the parties to put the property on the market immediately and divide the proceeds; or
  • Awarding additional marital assets to one spouse in lieu of his or her share of the home.

Regardless of the method the court chooses, the parties will be required to split the proceeds as directed by the court.

Contact an Experienced Complex Divorce Attorney Today

Deciding who will keep the family home can be an emotional and difficult decision, especially if a couple has children. Fortunately, many couples are able to come to an out-of-court agreement that benefits both parties. However, if this type of agreement is not possible, a court can still ensure that the property is divided fairly. Whether you are seeking an out-of-court arrangement or need to litigate the issue in court, please contact Powers and Kerr, PLLC to schedule a consultation with a dedicated Round Rock complex divorce attorney.

Sources:

http://www.statutes.legis.state.tx.us/Docs/FA/htm/FA.3.htm

http://www.baylor.edu/law/facultystaff/doc.php/268848.pdf

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