The Centers for Disease Control and Prevention reported the Texas divorce rate as 1.4 per 1,000 in 2021. In the vast landscape of Texas, where everything seems bigger, divorce can bring about significant changes, especially when it comes to the family home.
For men navigating the divorce process, contemplating the fate of the family home may be a top priority, and knowing the options can help to make this process easier. Texas uses the concept of community property when dividing marital property. Most often, the family home will be marital property, which requires an equal division. There are three general options for what to do with it.
Sell the house
One option for the couple is to sell the house and divide any proceeds, which provides a fresh start for both parties, it can take some time to complete the process. In the meantime, this asset remains in limbo and the couple must continue to work together until it sells.
One spouse buys out
Another possibility is for one spouse to keep the house by exchanging other marital assets to follow community property rules for a fair split. The person keeping the home will give up assets that are worth the value of half the property. This can be complex if the couple has limited assets, but it is a good option for a person who wishes to keep the home.
Share the homeownership
Some couples may decide to continue to keep the home jointly, which can work well for those who practice nesting. This is when the children remain in one home and the parents move in and out for parenting time. However, it may not be the best option for all families as it does require maintaining one or two additional living arrangements for each parent when they are not in the family home. Even for those not practicing nesting, the financial entanglement could lead to issues in the future as each partner begins his or her new life.
Knowing which option is the best requires careful consideration. Men in this situation should consult with an experienced divorce attorney to weigh the options and determine which would be the best choice.