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Divorce and real property division

When couples in Texas and elsewhere decide to divorce, a common issue that arises is how to divide marital assets. One of the biggest concerns facing couples is what to do with the marital home following the divorce.

It is important to remember that even if a divorce decree awards the home to one spouse and states that the other spouse is no longer responsible for making payments, both names may still remain on the mortgage unless removed by the lender. In many cases the lender may require a new mortgage to be taken out solely in the name of the remaining spouse,with resulting application and processing fees. This common occurrence serves to underscore the importance of developing a comprehensive property division plan.

When both spouses agree to sell the marital home, it can be fairly uncomplicated. The spouses may only need to agree on a plan to divide expenses prior to the sale, when to schedule showings and what listing price to ask for. The spouses may also wish to consider capital gains taxes when negotiating a split of the resulting proceeds. If there is no equity in the home, one spouse might stay temporarily, with the profit to be split if the house is sold after the value increases. Alternatively, the spouses could both move and act as co-landlords by renting the property to a third party and dividing the rental payments in a predetermined manner.

A person contemplating a divorce may wish to speak with an attorney who has experience in family law matters. The attorney may be able to help negotiate and prepare agreements that deal with such issues as property division and spousal support.

Source: Reuters, "Splitsville? How to divide property in a divorce", Geoff Williams, October 07, 2013

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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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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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