Families often spend years, even decades, in the same house. Wonderful life-long memories are made in homes, and so it is understandable that if a couple decides to get divorced, it can be very difficult to decide what to do with the family home. However, because marital assets must be divided in a Texas divorce, the value of the home needs to be allocated between spouses - even if one spouse ends up deciding to keep the home. If you are wondering whether you want to keep your home in your divorce, read on and then meet with a Texas divorce attorney to examine your options.
What to Consider When Thinking About Divorce and the Family Home
Every divorce is different, so the answer to the question of whether you should keep the family home is not cut and dried. Many factors will go into the planning and execution of how marital assets are divided.
Before you begin to approach the question of the home’s eventual ownership, you first need to think about your overall financial situation and what you hope to get out of the divorce. Think carefully about your long-term financial well-being, especially if you are at or near retirement age. Often, much of a couple’s net worth is tied up in their home. If you were to negotiate full ownership of your home in exchange for retirement benefits, cash savings, or other assets, you may find that while you own the house, you may not own much else.
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