Dividing Real Estate In A Texas Divorce
For many couples facing divorce, the family home is not just their most valuable financial asset. It is also the scene of many cherished memories. Dividing your home and other real estate with your ex as part of your divorce can be as emotionally taxing as it is complex. At Patricia L. Brown & Associates, we are lawyers who understand these challenges, and we are here to offer our support and legal insight to help you through the division of your real estate assets.
Understanding Real Estate Asset Division
When it comes to asset division, Texas law typically regards property acquired during marriage as community property. This may include the family home, vacation homes and even investment properties such as apartment buildings, condominiums, private vacation rentals or commercial spaces. Each party is entitled to half the value of each piece of real community property. However, complexities can arise with factors like property inherited from a loved one, properties in other states or countries, joint ownership structures and investment partnerships with other parties. Separate real property acquired by one spouse before the marriage remains theirs if they can prove by clear and convincing evidence that it is not community property.
It is not unusual for a couple to jointly own several pieces of real estate in and out of state. A complex real estate portfolio requires a sophisticated and creative strategy for division in divorce. We regularly help high-income clients divide their real estate assets reasonably and in a way that respects their community property rights and stated preferences. Common options for jointly owned real estate include:
- The selling of ownership rights from one spouse to the other in exchange for cash, the removal of one spouse from the mortgage, the payment of spousal maintenance or some other consideration
- Both spouses selling the property to a third party and sharing the proceeds
- Continuing to own the property jointly
Along with the potential tax and other financial implications, how you dispose of each piece of property could have emotional implications when it comes to the family home or a property that has been in your family for generations. We are attorneys who will work toward a sustainable solution that will put you in the best financial and mental positions possible going forward.
Finding An Answer To Your Property Division Needs
To schedule a consultation with our Round Rock office and find out more about how we handle the division of real estate assets, contact Patricia L. Brown & Associates at 512-436-0826. You can also reach out to our Austin, TX office using our online intake form.