Divorce is not an easy process to go through, especially if there is property ownership between the couple, and our Arlington, TX divorce lawyer is here to help you. From your home to all other types of property, our team can help you understand how property is divided and how you can protect your rights and interests.
Our attorneys have been assisting clients in Texas for over a decade and have been recognized among the Top 10 for Client Satisfaction by the American Institute of Legal Counsel. Contact the Brandy Austin Law Firm today to discover how we can assist you.
What Happens To The Home
Most married couples have a goal to own a home together and many couples achieve that goal. When a marriage does not work and they file a divorce, what happens to the family home? There are three common outcomes that can happen: either a spouse keeps the home, the house gets put up for sale, or temporary co-ownership occurs.
When one spouse keeps the home, they buy out the partner’s share by refinancing the mortgage so the name of the other spouse is removed. In most cases, the house gets sold and the money gets divided based on either a court order or divorce agreement because neither spouse can afford the home on their own. Lastly, some couples may resort to temporary co-ownership because they are waiting for their kids to finish school. Once their kids are done with school and all grown up, the home gets sold.
Our team can help you come to the best conclusion for yourself and your family.
Community Vs. Separate Property
Community property state is property that is jointly owned by the couple. This may include not only the home but also vehicles and joint bank accounts that were bought during the marriage. These assets are equally divided upon divorce. In contrast, separate property can include property owned by one spouse and inheritance to one spouse. This can be more difficult to divide when a divorce is filed because the property corresponds only to one spouse.
However, if the spouse who owns the property puts the name of their partner on a deed or uses joint bank accounts to make renovations or improvements to the property, it can be subject to division once the divorce is filed. The term for this is “commingling”, giving the partner a say in the property upon divorce because they provided financial assistance for the benefit of the property even if you are not legally documented in the property.
The Court’s Consideration
The next thing to think about after filing a divorce and property division is the court’s consideration. The courts’ goal is to make it legally fair for the couple. Factors that the court considers are the length of the marriage, each spouse’s contribution, future financial needs as well as earning capacity, and custody arrangements. If you and your spouse can agree on how to split the property, you can include it in a divorce settlement agreement which is submitted to the court for judge approval. If you and your spouse cannot agree, the judge will decide for you based strictly on the law.
Contact Our Attorney Today
If you are going through a divorce, it is important to know that you do not have to take on this process alone. Our team is here to help you. Contact the Brandy Austin Law Firm today to schedule a consultation.
