Whether to Keep the Family Home after Divorce

Whether to Keep the Family Home after DivorceFor a family that has lived in it for a considerable length of time, the home is a place filled with memories. What distinguishes a house from a home is this very fact—that is has been lived in and loved. The home in some ways can be a symbol of the family itself, and losing it can be traumatic, especially for children during a divorce. Whether or not you should keep the home is a matter that must be given due consideration. Bryan divorce lawyers will discuss with you which is in your best interests.

The Desire for Familiarity vs. a Fresh Start

During a divorce one party might feel a need to hold on to the home for the fact of its familiarity. After all, so much has disappeared with the divorce, and the family home can be an emotional anchor. On the other hand, it is important for both parties to accept the finality of the proceeding and move on with their respective lives. Holding on to the family home can keep a person from moving toward independence from the relationship.

Dividing Assets

When a couple divorces, any assets that were acquired during the marriage are considered community property in Texas. The home is generally by far the most valuable asset. Thus, in order for one party to keep the home, he or she must be willing to concede certain other assets. It is not uncommon for a spouse to relinquish her retirement benefits for the home, but this could prove a mistake. Ultimately, the matter of dividing assets can become problematic if one party keeps the house. For this reason it is often better to sell the home and divide the proceeds.

Cost of Maintaining the Home

An important consideration for a party wishing to keep the home is the cost of keeping it up. Not only will the acquiring party need to make the house payments, but there are also continual repair costs to consider, not to mention property taxes. Moreover, all of these expenses will need to be paid with the income of only one individual, unlike with two as was done during the marriage.

Work with an Attorney in Dividing the Marital Estate

It is very important that you hire Bryan divorce attorneys to help you with your divorce, particularly for dividing assets. Call Peterson Law Group today at 979-703-7014 or 936-337-4681.

About Chris Peterson

Chris Peterson is an attorney and the owner and founder of Peterson Law Group, a Texas law firm with offices in Bryan/College Station and Kingwood. He mainly practices in the areas of Estate Planning and Business Planning. Chris is also a Certified Estate Planner. Besides his law practice, Chris is a serial entrepreneur and community volunteer. He is known for his cutting edge law practice that utilizes technology to deliver efficient, excellent work.