If you are facing a divorce, there are a lot of decisions to be made – and there is a lot riding on those decisions. Because one of the most significant assets that most divorcing couples have is their family home, who gets the house can become a sticking point. If your goal is to remain in your family home as the primary custodial parent post-divorce, there are steps you can take that may help you accomplish this.
The Most Important First Step
If your divorce priority is remaining in your family home, the most important first step that you should take is consulting with an experienced divorce attorney. Having a strategy is paramount, and your dedicated divorce attorney will help you explore the challenges you face and the strengths of your argument in defense of you remaining in your family home as the primary custodial parent.
Read more about Texas divorce attorneys: Is It Time to Call a Texas Divorce Attorney?
The Court and the Status Quo
When the court makes decisions about marital property, such as your family home, it is motivated by an equitable – or fair – division (in light of all the relevant circumstances that apply). When the court makes decisions about child custody, however, the children’s best interests are always its primary concern. In the turmoil of divorce, the court often finds that preserving the status quo is what is best for the children involved. As such, if you are the more hands-on parent who has spent considerably more time at home with the children, this could play a definitive role in the court’s decision.
The Division of Marital Property
In divorce, your marital property must be divided in a manner that is deemed fair, and if your home is your primary asset, which is quite common, it can make remaining in the home that much more challenging. Ultimately, your ex will need to be compensated for his or her equitable share in the value of your home, and if this cannot be accomplished, it is unlikely that you will be able to realize your goal of remaining in your home. Fortunately, however, you have options. Consider the following:
Some divorcing couples choose to continue owning the marital home together until their children are grown.
You may be able to offset your divorcing spouse’s interest in the home with the majority of other assets involved.
You may be able to buy your divorcing spouse out of his or her interest in the home via monthly installment payments.
You may be able to refinance the home and buy out your divorcing spouse’s interest in it directly.
Want to read more about marital property? Click the links below for more information
- The Factors that Go into the Division of Marital Property in Texas
- The Division of Marital Property in a Texas Divorce
Do Not Wait to Consult with an Experienced Killeen Divorce Attorney
Brett Pritchard at The Law Office of Brett H. Pritchard in Killeen, Texas, is a well-respected divorce attorney who understands exactly how important your divorce goals are and has the experience, focus, and legal skill to help. For more information about what we can do for you, please do not hesitate to contact or call us at 254-501-4040 today.