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Who gets the vacation home during your Texas divorce?

When you've decided to file for divorce, you may worry about a lot of different things. Who will receive custody of the kids? Will you have to sell your home and move? What happens with your lake house or vacation properties? There is no simple answer to any of these questions. If you and your former spouse can't agree on the terms of your divorce, such as who gets custody and how to split your assets, the courts will have to review your situation and decide on your behalf. When that happens, it's difficult to predict what the final divorce decree will include for asset division and custody.

Generally, Texas is a community property state. Any assets accrued during your marriage are treated as marital property for the purpose of asset division. Unless you have a prenuptial agreement in place, it's very likely that everything from your vacation home to your retirement accounts will get split in a fair and equitable manner as determined by the courts. If there's a particular asset you hope to retain, such as a vacation home filled with precious memories, you may need to take extra steps to ensure the outcome you want in court.

Many assets may get sold for the purpose of division

For a number of reasons, it's often simpler for families to liquidate certain assets, like investment properties and vacations homes, instead of trying to split them. If there is a mortgage attached to your vacation home, it is often simpler to sell the property and split the proceeds than to try to treat it as an asset. If you truly want the vacation home, you should ensure that your attorney has the most accurate financial information on the property possible. The fair market value of the home, as well as the amount of equity and the cost of financing should all get considered when assets get split up.

If you want to retain the home and your former spouse doesn't, you can likely appeal to the courts to deduct the equity from the assets owed to you in the divorce. You'll probably have to refinance to remove your former spouse's name from the property's financing and deed. If your former spouse also wants the home, however, that will complicate things. Can you and your former spouse reach an agreement about the vacation home similar to a time-share scenario? If not, there's no telling how the courts will handle the property. The courts could order that you sell the property and then split the proceeds. Alternatively, they may simply decide one spouse should receive it as part of the divorce.

Legal advocacy for a better outcome

High asset divorces are complicated. If you can't agree on asset division with your former spouse, a lawyer can help push for the best possible outcome. If there's a particular asset you hope to get in the divorce, make sure your attorney knows.

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The Barbknecht Firm, P.C.
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