When a couple decides to get divorced in Texas, one of the biggest decisions they may have to make is what to do with the family home. In many cases, one spouse will want to keep the home while the other wants to sell it, divide it or keep it themselves. If you want to keep the family home, you should consider doing certain things.
Assessing your finances
Before making any decisions about keeping the family home after a divorce, it’s important to assess your finances. For instance, if you cannot afford to keep the home on your own, selling the home and splitting the proceeds may be a better option for you. Therefore, you should also consider whether you can afford to keep up with mortgage payments, property taxes, insurance and maintenance on your own. If not, it may be better to sell the home and split the proceeds.
Talking to your spouse
You may also want to have a conversation with your spouse about keeping the family home. If they’re on board with the idea, that’s fine. If not, you’ll need to figure out if there’s any way to compromise. Perhaps you can agree to keep the home for a certain number of years and then sell it.
If you and your spouse can’t come to an agreement about what to do with the family home, you may need to go through mediation or arbitration. If you want to keep the home, be prepared to explain why it’s important to you and what your plans are for keeping up with mortgage payments and maintenance.
Putting your divorce agreement in writing
If you and your spouse agree that you’ll keep the family home after the divorce, make sure this agreement is in writing. This way, there will be no confusion about what was agreed upon, and both parties will be held accountable. If one spouse doesn’t uphold their end of the agreement, the other may be able to take them to court.
If you’re considering keeping the family home after a divorce, these are some of the things you need to do. With careful planning and consideration, you can make the best decision for yourself and your family.