When you and your spouse own a Texas home together but plan to divorce, one of the many things you need to figure out is what to do with the home you purchased or lived in together. The options that may benefit you most are going to vary based on whether you, your ex, both or neither of you want to keep the home. They may also vary in line with the state of the housing market in your area.
According to NerdWallet, it is wise to get an appraisal before doing anything else with the home you and your ex once shared. It may be smart to have you and your ex both secure separate appraisals because having two appraisals helps protect both sides by raising the chances of an appraisal turning up any defects. Once you know your home’s value, you may want to take one of the following steps.
Sell the home and divide up the profits
Selling your marital home may be a smart move if the housing market in your area is strong. It may also make sense if you, your ex or both of you could use some extra cash in your pocket as you look for a new place to live.
Have one of you refinance the mortgage
If you want to remain in the home and your former partner does not wish to do so, or if things are the opposite, whoever wants to stay might apply for a new mortgage on the property. That party may then use the new loan to buy out the departing party.
While these are some of the most common ways to handle your home and its equity in a Texas divorce, they are not necessarily your only options.