Who Gets the House in a Divorce?

Whenever you are facing a divorce, one of the most common concerns is the family home. In many divorces, the family home is the couple’s biggest asset. Both financially and (understandably) emotionally. Spouses have shared happier times together, and possibly raised children, in the home, which can make it rather difficult to let go or assign a value.

The marital residence is often the primary focus throughout settlement discussions in divorce. Contemplating what to do about this asset often helps place other disputes into perspective, as well. 

Below are three common ways a shared home is addressed in divorce:

Listing the House for Sale

If neither party wishes to stay in the house, or if neither party can afford to – you can place it on the market and secure sales proceeds. Agreeing to sell the home in connection with settling your divorce can help both parties move forward. Those who take this route often prefer to have cash in hand rather than holding on to an asset that reminds them of better times.  However, this option is not without disadvantages as well, especially if you still have minor children living at home, and thus, making it less than ideal to sell during an already-difficult transition for your family. Also, keep in mind that there are other expenses associated with this option, including closing costs, brokers’ fees, and other expenses that might have to be incurred to update, repair or maintain the property pending the sale.

Negotiating a Buyout

It is not uncommon for one spouse to be more attached to the home than the other, or for the parent who will be the primary caregiver for children to remain in the home. Instead of selling the property and having both parties move, one spouse can release his or her interest in the home in exchange for cash, or a promise of payment of cash in the future. In the event the latter is your reality, then your family law attorney should require that the future payments not only be secured by the real estate itself, but that there is also accrual of interest. After all, you already paid for this asset once and should not be ‘dinged’ for accepting monthly periods over a stretch of time following the finalization of your divorce.

Continue Owning the House “Jointly”

If a sale or a buyout does not make sense in your situation, it is possible to keep the house and continue to share ownership with your ex-spouse following divorce. This can continue for a predetermined period; for example, for so long as your minor child or children are still living at home. Or, the parties can opt to retain joint ownership indefinitely, as a real estate investment or simply because market conditions are not prime for selling at that time. This option should be fully explored and discussed with your family law attorney, and the terms of joint ownership following divorce must be explicitly clear in your divorce decree.  

In Summary…it is best to secure competent counsel who is experienced in family law matters to help you weigh the “pros and cons” of each of these options.

Jenkins & Kamin LLP is one of the most respected family law firms in Texas. The firm is noted for its “team” approach by pairing skilled attorneys, paralegals and other support staff to enhance each client’s experience in difficult life transitions.

In addition to the “team” approach, Jenkins & Kamin, LLP strives to personalize case strategies for each individual client, including identification of every particular legal issue and effective explanation of the law with respect to those issues.  The firm endeavors to achieve a resolution that is appropriate for each client, while aggressively advocating on their behalf when necessary. Having a dedicated and experienced team working with you in any family law matter is of utmost importance to achieve the best result possible.

Jenkins & Kamin LLP represents clients in the following aspects of family law practice: Marital Property Agreements, Divorce, Complex Property Issues, Child Custody & Visitation, Child Support, Parentage, Modifications, Family Law Appeals and Dispute Resolution Alternatives. To learn more about the firm, visit www.jenkinskamin.com or contact one of our offices in the greater Houston area.