Are you perhaps in the unfortunate situation of going through a divorce, while at the same time jointly owning real estate that you would like to sell? If this is you, you will definitely want to read this short post that may give you some insights on how to strategize your dealings with your soon to be ex and the real estate that is involved in the middle.
Have you heard of Community Property?
In the great state of Texas, after two people get married, everything they acquire during their marriage is considered community property. Houses, cars, real estate properties, stocks, furniture, 401k and practically everything that has value belongs to the married couple equally.
Sounds fair, right?
Well, it is fair – until the couple decides to call it quits and get a divorce. Now, selling community property becomes a tad more difficult.
Common practice is that a Divorce Court will determine who’s at fault for the divorce, who earns more for the family, who’s in charge of taking care of the children, who runs the household and a few other determining factors. This will be the court’s basis for awarding which property to whom. So even if the couple started out with equal claims to their community property, it is likely that in the event of a divorce, one walks away with a bigger slice of the community property pie and the biggest piece of this ‘pie’ is typically the couple’s home, or any investment property they may own.
How about Separate Property, have you heard of it?
Still, in the state of Texas, separate property refers to properties the couple acquired individually prior to getting married, such as jewelry, clothing, gift items and the like. The inherited property also forms part of separate property if the inheritance was bequeathed to a single spouse’s name alone.
These technicalities can spell a lot of headaches for people wanting to sell their home fast or an investment property during a divorce. What makes it more difficult is the fact that all these technical complications are happening amidst the emotional roller coaster the couple goes through during the divorce.
It is for this reason that Houston Capital Home Buyers has a dedicated team of experts who can assist a divorcing couple have an easier time selling their properties during their trying time of divorce with very little repercussions, so both wounded parties can move on with their lives.
If you’re going through a situation similar to this and you would like to discuss exactly how to sell your home while going through a divorce we would be glad to help. We even offer a free consultation with our attorney to make sure the situation is being handled with the absolute best possible expertise and to answer any questions you will certainly have.
Call Houston Capital Home Buyers right now at 713-581-9075 to discuss more about this.