What will happen to the house when it is all said and done? There are many possibilities which include:
- One party will be awarded the home and the other party may be ordered to take the steps either transfer title to the property (with or without warranties) and/or relinquish rights to the property;
- The parties may be ordered to sale the property and split the proceeds;
- The party which gains title to the home in the divorce will then be responsible for any costs associated with the upkeep of the property and any other incurred expense (including liabilities such as the mortgage);
- If the parties cannot agree, the Court will decide which party will be responsible for the property taxes for the year of the divorce; going forward, the party that gained title to the property will be responsible for the property taxes; or
- A party may be ordered to refinance the property.
If you are going through a divorce in Texas and you and/or spouse have a community property home, or even own any land together, you will likely face some obstacles along the way. For example, there is a possibility that you may not agree on who should get the house or who is entitled to it. You and your spouse may not agree on the value of your home, like we discussed earlier in this article.
The hard truth is that there are multiple possible hurdles that you may face; it is important, and could even help tip the scales in the outcome of your case, if you have a knowledgeable and experienced attorney on your side. Moreover, you should hire an attorney whose knowledge is superior to others and whose experience aligns with the help that you need.