When Texas couples decide to divorce, one of the first decisions then must make is where to live. There are essentially three options: staying in the family home, buying a new home or renting, though there are variations within the options.
Finances may play a role in any of the options. Staying in the family home may be a good option if children are involved, since that causes less stress for them. This might be difficult financially for the custodial parent to manage since their family income could drop when the other spouse leaves. Even with child support, keeping the house may not be a viable option, especially if one was a stay-at-home parent or earned less money. It’s possible the other spouse could make the mortgage payments but this needs to be written into the divorce agreement.
Selling the old home and buying new homes is another option for couples to consider. They would each have to qualify for new mortgages, which could be difficult because of their lowered financial resources. Spouses have other costs to consider with this option. The list includes moving expenses, buying new furniture and possible renovations. Renting also is a good option because it doesn’t require making major financial decisions when a person’s emotions are running high. It buys them time to think about what they really want to do.
The end of a marriage means many major decisions need to be made, some in a short time. Divorces can be painful, whether they hit the pocketbook or the emotions. A family law attorney may be able to help their client sort through the decisions that need to be made and negotiate a divorce settlement that is in the client’s best interest.