Weighing The Options

Dividing real estate in a divorce is often one of the more difficult matters couples have to tackle, particularly when it comes to the marital residence. Many times, the family residence often has both names on the mortgage note. When a divorce occurs, what happens then?

There are several routes a couple can take, including filing the proper real estate documents in public records.

Selling The Property

The couple can opt to sell the property, then divide the proceeds among each other so neither name will appear on the mortgage. However, time is often of the essence when selling a residence in a divorce; spouses may be put in a position to accept a lower offer than they would in different circumstances. Further, tax implications of selling a home above the tax exempt amount is an issue that might need addressing.

Opting To Refinance

Refinancing under one spouse's name is another option. However, many times, a couple procures a mortgage with both incomes taken into account. The assuming party may not be able to afford or qualify for the mortgage on his or her own. Issues involving the other party's rights to equity or royalties of the property may also need to be examined.

Which route you take will determine which decisions you need to make.

Advice For Your Real Estate Conundrums

Attorney Martha Bourne has assisted many people going through a divorce in similar scenarios with similar real estate conundrums. She emphasizes nonadversarial methods, like settlement negotiations, collaboration and mediation, to resolve these issues because they are often less costly and give parties more control over the outcome.

With Board Certification in Family Law, over 30 years of legal experience in Houston and training at the prestigious Harvard School of Negotiation, Ms. Bourne has the knowledge to help you.

Find out how she can assist. Call 713-581-8260 or send an email.