Texas couples who decide to get divorced often wonder how to deal with certain aspects of the process. One common area that leads to contention is property division, especially deciding on who should receive the marital home.
Property division comprises a large portion of the divorce process. The parties might be able to come up with their own settlement agreement and seek the court’s approval, or they can rely on a judge to make decisions regarding how they will divide property. When deciding on how to divide the marital property, the couple often has several choices. One option is for one spouse to keep the house. This decision requires careful consideration to determine if one spouse is able to afford the home on his or her own and with only one income. If one spouse keeps the home, he or she usually refinances the home in his or her name and buys out the other spouse’s share. Another option is to sell the home. The spouses may split the proceeds equally or in a different arrangement that they agree on. Some spouses may decide to keep the home for a certain number of years or to rent it out for profit.
Spouses should also carefully weigh factors related to their retirement accounts. These accounts are usually considered marital property and are subject to division. However, spouses should take care to avoid having to pay more taxes than necessary by making a distribution. They should also consider the effect of any Social Security benefits and entitlements.
People who would like to protect their financial future during the divorce process may wish to contact a family law attorney. A lawyer may be able to review the potential decisions that may be made during this process and provide recommendations and feedback on the potential effects of each decision.
