Whether separating for a time while you work on things or permanently as you prepare to divorce, you might need space and time away from your spouse. Wishing to start fresh, you may want to buy a home instead of renting or leasing.
While those who take the step of purchasing a home while separated may consider it a step forward, they should be aware of the potential implications it may have on their eventual divorce settlements.
Unlike some states, Texas law does not establish grounds for legal separation. As such, you may not have a formal agreement in place to dictate the treatment of any acquired assets or properties during this time.
Texas state law establishes a community property jurisdiction. With few exceptions, this means you and your spouse will both have equal rights to the assets you have and continue to acquire during your marriage.
Should you buy a home with funds you earn while married, your spouse may have a claim to it when you settle your divorce, even if you bought it while apart. If, for example, you use funds from before you were married to purchase a home during your separation, however, the court will often deem it a separate asset.
The intricacies involved may create challenges as you consider, prepare and move through a divorce. Therefore, you may find it helpful to take steps to ensure you understand your rights and obligations so steps you take to rebuild after your divorce do not set you back.