When a couple decides to end their marriage, family, friends and even acquaintances may offer unsolicited advice regarding what comes next. The problem is that much of this information may not be correct, especially when it comes to dividing property since Texas is a community property state. This means that each party owns the marital assets jointly. Before taking any further steps in a divorce, it may be beneficial to separate fact from fiction.
For instance, many people believe that just because they are the only party on the deed or mortgage loan to the home that it is automatically a separate asset. That is not always the case. Numerous factors determine whether the home is part of the marital estate, a separate asset or a combination of the two.
Just because one party moves out of the home, that does not mean it automatically becomes the property of the remaining spouse. It may still legally be considered part of the marital estate, which means that it is subject to division in the divorce. In addition, if one party is awarded the home, that spouse will need to be able to qualify for a mortgage loan (if necessary) in order to keep the home since the other party will more than likely not want to remain on any joint mortgage loan after the divorce.
Every Texas couple’s situation is unique. What worked for friends or family in their divorce proceedings may not be appropriate or necessary in another couple’s divorce. It would be a good idea to seek out information and advice that takes into consideration all of the relevant factors and circumstances regarding a particular couple.
Source: HuffPost, “6 Prevalent Myths You’ll Hear About Divorce“, Andy Calloway, Aug. 9, 2017