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The family home is many people’s largest asset. Deciding whether to sell the house and divide the proceeds, or keep it and have the primary residential custodian live in the house with the children are often the main considerations. No one answer fits every situation.
Various factors come into play when deciding about family homes:
- In the current real estate market, can spouses get their value back or will they lose value by selling now?
- How much equity is in the home?
- Can spouses afford the mortgage payments while maintaining two households?
- If parents sell, can they get housing in the same area so their children can still attend the same school?
- How does Texas community property law affect the proceeds spouses would receive if selling the home now?
- If one spouse buys the house from the other, what are the tax implications?
- Is one spouse’s credit strong enough to obtain re-financing?
- If a spouse sells the equity in the home to other spouse, what are the tax implications?
- If spouses maintain joint ownership so one spouse can live in the house until children grow up, what changes in taxes and home deductions can they expect to face?
- Will bad memories make staying in the home difficult for a spouse and children?
- Is downsizing a better solution because it can significantly free up finances?
Consult a Texas divorce attorney for legal help. Consulting professionals for expert advice helps spouses make the right decision about their family home.
Contact us for help with your divorce, child custody, or other family law issue
Robert Reid McInvale
Attorney at Law
Robert Reid McInvale is an experienced family law attorney with a comprehensive practice in Lubbock. He provides dedicated and strong advocacy for his clients, helping them with all the issues surrounding their divorce, separation, child custody, and other marriage and family matters. Attorney McInvale—Reid to clients and friends—seemed destined for a law career. Born while his father was attending Emory University Law School, Reid grew up in Manchester, GA. His father was the city attorney for many years, as well as head of the Manchester Chamber of Commerce. It is in the family blood to become lawyers and help people get justice. U.S. Supreme Court Chief Justice John Marshall is part of the McInvale family tree.
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