The Marital Home and Debts
Galveston and Houston Divorce Lawyer:
Solutions for Property and Debt Division
Texas law calls for an equal split of community property, including joint debt. The marital residence presents unique issues; only one of you can live there, and the equity and the mortgage must be accounted for in the property settlement.
The Law Offices of Tad Nelson & Associates protects your financial interests while exploring creative and practical solutions to the issue of what to do with the house and how to divide your debts. Based in League City, we practice in the Galveston area, the Houston area and surrounding counties of Texas. We invite you to schedule a consultation to talk about different options in the bigger picture of your pending divorce.
The Marital Home and Debts in Texas Divorce
Either one spouse will stay in the house or the house will be sold and the proceeds divided. Attorney Tad Nelson can walk you through the many considerations in deciding what to do. Where will the children live? Is it financially feasible for one of you to keep the house? What is the market value of the home? Can you agree on one neutral appraiser or will there be competing valuations? What are the tax implications?
If one of you will keep the house, the other must be compensated for the equity. This could be a greater share of retirement funds or other assets, cash consideration, a lesser share of joint debts, or other trade-offs. Our role is to suggest ways to make it work, and to ensure that the numbers even out and that the solution makes sense for your post-divorce financial situation.
Dividing Your Joint Debt
Both spouses are responsible for debts incurred during marriage, even if loans or credit cards are in one spouse’s name. The exception is debts incurred prior to marriage, which may or may not be treated as separate liabilities. However, splitting debts in half is not always feasible. One solution may be that the higher-earning spouse takes on more of the debts in exchange for a greater share of the marital assets. Our role is to help find fair and sensible solutions that do not leave you overburdened with debt.
With more than 20 years of experience in property division and all aspects of divorce, Tad Nelson can protect your short-term and long-term interests. He has handled high-asset divorces as well as divorces with substantial debts. He is prepared to bring in forensic accountants, business valuation specialists and other experts as necessary for contested proceedings.
Call our law office at (281)-280-0100 to arrange a confidential consultation, including evenings or weekends by appointment.