Although your home is likely your largest asset as a couple, it may not be in your best interests to haggle over it during your divorce. If you have children, you may think this is a good reason to keep it, especially if you are trying to ensure they remain in the same school district. However, in some cases, being awarded the family home can become a financial burden if you cannot keep up with payments and the cost of maintaining it.
Figuring Out Who Gets the Home in a Texas Divorce
If you are financially capable of making house payments and any other expenses associated with the family home, keep in mind that, if a judge grants you this substantial asset, your spouse will be awarded another asset or investment to ensure the scales are more balanced. Moreover, you will have to refinance the mortgage, so that only your name is attached to the loan. Unfortunately, this could have a negative impact on the interest rate you receive. If you have been out of the workforce or most of the credit you and your spouse built was in your spouse’s name, it is unlikely you will obtain a similar interest rate when you refinance your mortgage.
Of course, for many, a home has more than just a monetary value; it also carries a great amount of sentimental value that may be worth tightening your purse a bit to accommodate. Just make sure that, if you do fight for the family home, it is not ultimately detrimental to your ability to support yourself and your children. You and your spouse can always split this asset and use the equity you had in it to create a better future for yourself. Starting over can be difficult, but it can sometimes be the best option for everyone involved.
Contact Our Divorce Team to Learn More About Your Legal Options Today!
If you are getting divorced and are wondering if you should fight for the family home, do not hesitate to reach out to the team at Garza Law Firm, LLLP for the skilled and experienced legal guidance you need to choose the best course of action. Our attorneys are well-versed in some of the most complex family law matters and would be honored to assist you with your case.
Reach out to our law office today at (214) 225-4344 to schedule a consultation with a member of our team to discuss your case.