No one expects their marriage is going to end I a divorce at the start of a marriage. The happy couple is usually full of hope and optimism for their future. But not all Houston marriages last forever and many end in divorce. One of the most contentious issues for a Houston divorce is property division.
For many couples, their family home is one of the greatest assets they share. When it comes to what happens to the family home in a divorce there are several options.
- Sell it. Many couples choose to just sell the family home and split any profits equally.
- Divide large assets. Many high-income couples have multiple large assets like vacation homes or a large stock portfolio. In these cases, a couple may choose to divide up these assets with each person taking ownership of assets worth roughly the same amount.
- Buy out the other party. Sometimes one person wants to keep the family home. In these cases, they can buy out the other spouse and have the mortgage refinanced in their name.
- Co-own the home. A couple may choose to both own the home for a specific period of time. This can be until the children graduate from high school or some other specified event. The couple will need to determine when the house will be eventually sold and who will get the proceeds of the home.
A legal professional who is skilled in high-asset divorce can help their client through all the complexities of a Texas divorce. They will represent their client’s best interest and make sure their future is protected.
