Collin County Property Division Lawyer for Real Estate

Attorney Helping Divorcing Spouses Address Ownership of Their Family Home in Frisco and Denton

There are a variety of financial issues that couples will need to address during their divorce, and the property division process can be especially complicated for couples who have a high net worth. However, divorcing couples at all income levels may need to determine how they will handle ownership of real estate. This issue can often be difficult, since both spouses may have an emotional attachment to their family home, and they will also want to make sure this valuable asset is divided correctly along with other marital property.

During your divorce, you will want to be sure you understand your rights regarding real estate and other assets. By working with an attorney, you can make sure your financial interests will be protected when you divide your marital estate. The Law Office of Linda Risinger can provide you with experienced and dedicated legal help as you work to complete your divorce, and we will advocate on your behalf to ensure that you will have the financial resources you need once your divorce is finalized.

Division of Real Estate Property

Before considering how to handle ownership of a marital home, spouses will need to determine whether it is a marital asset. If the couple bought their house after getting married, the home will typically be considered community property. This is true even if only one spouse's name is on the deed, unless the home was purchased using a spouse's separate property or an inheritance received by one party. If one spouse owned their home before the couple was married, the property will be considered a separate asset that is not part of the marital estate. However, if the value of a home owned by one spouse increased due to improvements made during the marriage that were paid for by both spouses, the spouse who owns the home may be required to reimburse the marital estate for these contributions.

When spouses co-own their marital home, they will usually take one of the following approaches during divorce:

• The spouses may sell the home and divide any profits earned through the sale. This is often the best option from a financial standpoint, since it will eliminate the requirement to make ongoing mortgage payments or pay other expenses related to the property. However, this may not be the preferable option if either spouse wishes to continue living in the home.
• One spouse may maintain ownership of the home. This may be beneficial for a couple's children, since it would allow them to continue attending the same schools and stay close to their friends. In these situations, the spouse who owns the home will need to pay the other spouse for their share of the home's equity, such as by giving them a larger share of other marital assets. The home will need to be refinanced in one spouse's name, and the other spouse will need to be removed from the deed.
• A couple may agree to co-own the home following their divorce for a certain period of time, such as until their children graduate from high school. While this option is usually not recommended, it may be necessary if one spouse does not have the financial resources to buy out the other spouse's equity. This may also be an option if a couple chooses to use a "birdnesting" child custody arrangement in which each parent stays in the home with their children during their visitation time while maintaining their own separate residences to use at other times.

Contact a Prosper Divorce Attorney for Dividing the Marital Home

Real estate property can be a complicated issue to address during the divorce process, but with the right attorney on your side, you can find solutions that will protect your financial interests. To get the legal help you need with asset division and other divorce-related matters, contact the Law Office of Linda Risinger at 972-294-6533 and set up a free, confidential consultation. We represent divorcing spouses in The Colony, Frisco, Plano, Denton, Little Elm, McKinney, Celina, Prosper, and throughout Collin, Denton, and Dallas Counties.