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Options for dividing a home in a divorce

Many Texas couples who are getting a divorce own a house together. They have several choices as to how they can divide the home. There are also a few questions to consider as well. For example, one or the other should think about whether they want to remain in the home at all or if that would be too difficult emotionally or financially.

One option is to sell the home and split the money. However, people may want to work with a real estate agent and should understand how much they will get from the sale. They should also keep in mind that proceeds might not be divided 50/50. How the money from the house is divided may depend on a number of factors including the original down payment on the house.

If one individual has decided to keep the home, they can buy out their spouse. This might involve refinancing. Without refinancing, both parties may remain on the loan, and this could make it difficult for the other to qualify for a mortgage in order to buy their own place. Some couples decide to postpone doing anything with the house even if one continues to live in it after the divorce. In this case, they should stay on top of any tax implications.

If a couple has many assets besides a house, this could lead to a complex divorce. For example, people might need to figure out how to divide up multiple businesses, real estate that is outside of the country or offshore accounts. The division of some assets might require additional paperwork. Individuals should look at how various options for division may affect their taxes. For example, some ways of splitting up a retirement account could result in a significant tax burden. Attorneys may be able to help determine the best approach to property division negotiations.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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