In a divorce, a Texas couple must decide how to fairly divide all marital property, including the family home. For many, keeping the family home is important, but that is not always the best decision during the property division process. Retaining the home can be expensive for one spouse after a divorce is final, and it’s prudent to consider long-term financial implications when thinking about this choice.
One option for dealing with the family home during a divorce is selling it and sharing the profits from the sale. While it’s for sale, the couple will have to decide how to address mortgage payments and pay for upkeep costs. Getting a fair asking price is important for both parties. One consideration for a spouse is the potential tax obligations that can come after receiving a share of profits from a home sale.
Keeping the home can be expensive, but it is possible in some case. A spouse will need to consider his or her budget and make adjustments where necessary. The budget will need to account for the mortgage, insurance costs, utilities, lawn maintenance and other expenses that can come with home ownership. It may be necessary to refinance the home.
The property division process will impact a Texas spouse for years to come. This is why it is prudent to consider the potential long-term financial ramifications of keeping, splitting or selling certain assets. It is typically helpful to work with an experienced attorney when making these important decisions in order to avoid potentially costly mistakes.