One of the biggest financial decisions in a divorce is- who is going to keep the house? For some, it was already decided at the time of separation, others need further reflection to consider the financial responsibility on the family home. There is also the option for both parties to move out and sell the house. Others may agree for the family home to be sold later, after their child(ren) are older.
The parties may agree that the spouse who has custody over the child(ren) will remain in the family home for a couple of years before the equity will be divided upon the sale of the home. The tradeoff to be aware of is the spouse with the house may find him or herself house rich but cash poor after spousal maintenance and child support depletes. (Williams, 2017)
If both parties agree that one party will transfer ownership, a Special Warranty Deed must be filed in the County Clerk’s Office property records once the judge has signed the decree that has awarded the house to one spouse (TexasLawHelp, 2021).
Regardless on the decision that is made, based on what is best for your family, it is crucial that what is agreed on is mentioned in the final decree of divorce. A licensed Texas attorney can help navigate your options regarding the property division during the divorce.
Source: TexasLawHelp.org, “Divorce & Real Estate” TexasLawHelp, July 28,2021; usnews.com, “Divorcing? Should You Divorce Your Home, Too?“, Geoff Williams, Oct. 11, 2017