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What to do with a home in a divorce

Texas couples who are getting a divorce might be concerned about keeping their home or may want to get financing to buy a new home. This may be an emotional decision for some people, but it is important to be realistic about the financial aspects.

There are a number of things people should consider when making a decision about the family home. These include the value at which the home was appraised, whether or not they are employed, whether they can refinance the home or buy out the spouse, what the time frame for that looks like, whether they will pay or receive alimony and child support and whether they have the money for a down payment. Meeting with a mortgage specialist might also be a good idea.

For the person who keeps the home, it may be necessary to either refinance the home or to get a new mortgage. Getting a mortgage can be a problem in some cases because the financial struggles involved in a divorce may mean that a person has a poor credit score. Furthermore, there may be a delay before alimony, part-time income or commission-based pay are counted by a lender as income.

In a community property state like Texas, most assets acquired after marriage are considered marital property. However, it is not always necessary to divide everything in half. Therefore, the couple may reach an agreement with the help of their respective attorneys in which one party wants to keep the home and the other wants all of the retirement account. The financial implications of such a decision should be carefully weighed.

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