When you and your spouse decide to divorce, you have a lot of decisions to make. In the immediate future, you’ll need to discuss whether you’re going to continue residing with one another until a judge finalizes your divorce or if one of you is going to move out and get your own place. You’ll also need to discuss where the kids will live and how to handle household bills if your children keep residing in the marital home.
At some point, however, you have to decide what to do with the marital home. Do you try to keep it and buy your spouse out? Do you sell and split the equity? Should you and your ex remain co-owners for a while? There’s a lot to consider.
Factors that may impact what you do with your marital home
Not everyone has the verifiable income or the credit score needed to qualify for a mortgage. One of you may need to refinance the mortgage if one of you plans to stay in the marital home so that it shows you as the only owner on the deed. You two may also decide to sell the house or keep the property titled in both of your names.
Even if one of you can qualify for a loan to remain in the home, you’ll want to consider whether you’re committed to its upkeep, including carrying all the household expenses on your single income.
While you may be able to use some of the child support that you receive for your kids’ housing, it might not cover a substantial portion of your household expenses. Quickly moving out of your home could affect your right to stake a claim to it during property division discussions.
How an attorney can help with property division matters
What you two decide to do with your San Marcos marital home may affect your ability to stake a claim to it. The choice you make about your Texas home may carry with it various tax implications as well. A divorce attorney can go over the pros and cons of making certain choices so that you can carefully weigh your options.