When you married and moved in with your spouse, you thought you would live in the house you bought forever. You saved money and built your home bit by bit. This house holds happy memories for you. One way or another, it has sentimental value. But now that you are divorcing, can you keep the house and just pay your spouse half of the house’s value?
Texas is a community property state
Texas divorce laws follow community property rules in asset division during a divorce. This means that the state considers all assets acquired during the marriage marital property subject to a 50/50 split between spouses.
The division is simple if you and your spouse agree on who gets the house. In this case, the court will have to assess the house’s value, and the party who wants to keep the house simply pays the other party half of that amount.
What if you both want the house?
Things get more complicated if both of you want to keep the house. In this scenario, the court will have to consider the following factors, among others:
- Who gets custody of the kids?
- Who has the financial capacity to maintain the house?
- Who is paying the house bills at the time of the divorce?
- How much of the mortgage is left?
The court will examine these and other relevant factors in deciding whether you or your spouse gets the house.
Is there a way to ensure you get the house?
Aside from going through mediation or offering to buy your spouse’s share at a higher value, getting someone to advocate for you can help you better manage this complicated issue.