It is well known that Texas is among those states in the United States that is a "community property" state. This becomes especially important when considering the nature of a home that is going to be sold. If a divorcing couple bought the house after they were married it is most likely going to be community property. Even if the home was purchased by one spouse prior to the marriage, if community funds (shared bank account, income that came from employment) were used to make improvements or pay the mortgage chances are it would still be community property. The consequences of this designation mean that both spouses would need to sign the closing paperwork in order for the home to be sold. Reason being that the proceeds from the sale of the home are community property.
Another possibility based on the above example is that a court may designate the property as being separate in nature, thereby allowing the spouse who purchased the house prior to the marriage to receive the totality of the proceeds, the other spouse may be entitled to a reimbursement of community funds that were paid toward maintenance or mortgage payments. It is crucial for attorneys involved to be able to track and take inventory of all funds that went towards the home during the course of the marriage. If it appears that community funds were utilized then both parties most likely have a claim towards the proceeds of the same in some form or fashion.
The proceeds of the sale of the home may be held in your attorney's client trust account for safekeeping until the proceeds can be divided in a divorce settlement or by decision of a court. This way the funds are kept safe and unable to be manipulated by either party during the divorce proceedings. All in all, it may be best to hold off on the sale of your home until after the divorce. It is common for a final decree of divorce to state the terms of selling the marital home, including putting it on the market with a licensed real estate agent within a certain amount of time after the decree is signed off on by all parties and the judge. This removes a contentious issue from an already contentious situation.
Regardless of your circumstances, the Houston, Texas divorce attorneys with The Law Office of Bryan Fagan, PLLC are ready and able to help protect your interests. Hiring our office not only means that you have retained counsel who knows family law in Texas but are familiar with the structuring of real estate transactions sufficient to allow a smooth transfer of property, whether it occurs during a divorce or afterwards.
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Law Office of Bryan Fagan, PLLC | Houston, Texas Divorce Lawyers
The Law Office of Bryan Fagan, PLLC routinely handles matters that affect children and families. If you have questions regarding divorce, it's important to speak with one of our Houston, TX Divorce Lawyers right away to protect your rights.
Our divorce lawyers in Houston TX are skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form. The Law Office of Bryan Fagan, PLLC handles Divorce cases in Houston, Texas, Cypress, Klein, Humble, Kingwood, Tomball, The Woodlands, the FM 1960 area, or surrounding areas, including Harris County, Montgomery County, Liberty County, Chambers County, Galveston County, Brazoria County, Fort Bend County and Waller County.