The division of marital assets during a divorce can be an incredibly complicated process, especially when housing is involved.
Texas is a community property state, meaning assets purchased during your marriage become part of the marital estate. Interestingly, many people assume this means that a court will divide assets fairly, as the judges and parties involved in a divorce are supposed to draw up plans for a “just and right” division of items. However, sometimes, what one party thinks is fair is not what another party involved a divorce thinks. This can lead to heated contention.
How Does a Divorce Court Divide Assets?
A court can take into account many factors when deciding how to divide assets. In some situations, a judge may order a 55-45 or 60-40 division of the marital property, or estate sales may become an option. In some cases, it is in the best interest of all parties involved to start fresh following a divorce and seek equity by selling a home.
With this in mind, Fox Business had an interesting column about the best ways to sell a home during a divorce. According to the news outlet, the biggest step when selling a home during this period is finding a neutral realtor, who has no ties to the case. Additionally, the news outlet suggests that sellers:
- Attempt to place a home on the market during the spring and summer months
- Host independent parties and open houses in the property
- Agree to split the remaining balance of the mortgage and/or the money obtained through a sale fairly, before the sales process takes place
- Make sure both parties are equally involved in the sale
Interestingly, one real estate agent the news outlet talk to suggested that 25-35 percent of her sales comes from divorced couples looking to divide housing.
Property Division is Complicated. Our Lewisville Divorce Attorneys Are Here to Help.
If you have further questions about the division of marital assets during a divorce, speak to our Lewisville family lawyers. We commit ourselves compassionately to clients throughout the divorce process and can offer assistance whenever divisive issues may arise.