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What to do about the house in a divorce

On Behalf of | Dec 26, 2018 | Divorce

One of the more difficult assets for some couples in Texas to divide in a divorce could be the home. They might want to try to sell it immediately, but this actually often turns out to be something that is only done on a judge’s orders.

Another option is for one person to keep the home, but this can become complicated. First, it is necessary to ensure the person can afford all the expenses associated with the home. Next, couples need to look at their options for putting the home in the other person’s name. These include a mortgage refinance, one spouse buying the other out or even one spouse signing the home over to the other without an exchange of money.

In an amicable divorce, parents might decide to try an approach called “nesting.” This allows the children to stay in the home. The parents alternate living there. While this can help with children’s adjustment, it is generally temporary at best as financial pressures or simply the pressures of continuing to share a home part-time make it impossible to continue. Nesting might or might not be combined with an agreement to wait a year or two to sell the home. While this eliminates the necessity of acting quickly, it can cause problems if the relationship does not remain amicable.

Like some other elements of divorce, deciding what to do with the house can be particularly emotional. People who cannot afford to keep the home may be attached to it for sentimental reasons. An attorney may help keep a person focused on making decisions that will contribute to financial stability after divorce. People may have similar emotional struggles when negotiating child custody and visitation. In this situation, parents might want to focus on the best interests of the child. This is also the principle that a court uses in making custody decisions.