Higher asset divorces can quickly become complicated. Many people don’t really understand how Texas courts handle asset division. They may think they should receive more of the marital property than they are, or they may expect alimony when it is not likely that they will receive it.
One issue that many families end up focusing on is what happens to the marital home. For high asset families, the primary residence can represent a substantial amount of accrued equity. The items inside the home, such as furniture or collections of fine art, can also contribute substantially to a couple’s net worth. It is perfectly reasonable to worry about how the courts will handle your home and the possessions inside it when you head for a divorce.
Who gets what depends on who owned what and when you purchased it
As an equitable distribution state, Texas expects the courts to fairly divide marital assets. Of course, what is fair can vary drastically. The courts will consider many factors, from the length of your marriage to the potential income of each spouse when dividing your assets. This will inevitably include your house and the contents of your home.
Other factors that can impact asset division include what possessions each spouse owned prior to marriage and what assets were part of an inheritance or were received as gifts. Excluding property owned prior to marriage, inherited items and gifts, most everything you purchase or acquire in marriage ends up subject to division.
The courts will generally recognize your interest in the home
Many people confuse possession of a home with interest in the home. The courts may recognize your right to shared interest in the home’s equity without assigning you possession of the home.
In some cases, they may allow your ex to stay in the home. Other times, the courts may order that you sell the home and split the proceeds from the sale. In the event that one spouse retains the home, the other spouse typically receives valuable assets comparable in worth to their interest in the property.
Generally speaking, the courts will also divide valuable assets inside the house, such as collectibles, as part of the asset division process. Your best option is usually to consider which assets have the most significance to you and advocate for your preferred outcome in regard to specific assets. The courts will do their best to split everything fairly, but they will not know which items have meaning to you unless you specifically request them or seek them out in the divorce.
Many people find that the financial interest in their marital home is more valuable overall than the emotional attachment, which often has roots in their now-ended marriage. Try to be practical in the way that you approach your marital home, and that can benefit you in the long run during divorce.