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Barbara L. Jouette, Attorney, P.C.
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Texas divorce: should you keep or sell the house?

Out of the many issues to consider when divorcing in Texas, one of the most emotionally driven topics is the family home. For many people, it is the place where marriages blossomed, families grew and good memories were made -- so it is understandable that making the decision to keep or sell the home may be a difficult one.

Although emotions may run high as the choice is being made, it is important to remember that the outcome can make or break a person's financial future. Because of this, it is important to discuss the benefits and disadvantages of owning the family home before property division negotiations begin.

Many factors should be considered, such as the amount of debt on the house, as well as the size of the home. Spouses need to ask themselves whether they can even afford the monthly mortgage payments or whether a bank will loan them money in order to refinance the house into their individual name. They should also consider the future costs of repairs on the house and decide if they are willing to invest the time into maintaining the home.

Once these questions are answered, an individual may have a clearer understanding of whether or not owning the home is in his or her best interest. In some cases, selling the home may provide the best outcome for both spouses. In other cases, selling the home would bring financial loss and an individual who can afford the mortgage payment will decide to keep living in the home until the housing market improves.

These types of decisions should not be made hastily. An experienced legal professional can help individuals sort through the many topics related to divorce in order to reach the best outcome.

Source: Huffington Post, "Keeping the House After Divorce," Connell B. Kathleen, Feb. 22, 2013

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