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Keeping the family home after a Houston divorce

The family home is often one of the largest assets that is divided during a divorce. In a Houston divorce, property division is often complicated, and the family home can be a tricky item to negotiate. Before a spouse decides whether they want to keep the family home, there are a few things to consider.

When keeping the family home after a divorce there many considerations. First, in the case of a divorce, the spouse who is not getting the house will most likely want their name off the mortgage. That means that the house will need to be refinanced. The spouse who wants to keep the house will need to be able to meet certain requirements to qualify for a new mortgage, including debt-to-income ratio. This may be difficult as a single income earner household, especially since alimony and child support are not considered income until they have been received for at least 12 months.

Second, it is important to consider if one can actually afford the house after a divorce. Housing expenses are more than just the mortgage and include insurance, property taxes, maintenance, utilities, and furnishing the house. It is also worth considering the real estate market in your area. The house is only worth what another person will pay for it, and knowing how the real estate market currently is and what is expected to happen in the future can help with making the decision of keeping the family home.

Finally there may be tax implications for keeping the family home. A capital gain tax may occur if the house is sold for more than what you paid for it. It is important to look at all considerations when deciding whether to keep the family home. The division of marital and non-marital property can be complicated with many personal and financial factors to consider; a Texas family lawyer can help a homeowner answer their divorce-related questions.

Source: forbes.com, "Four questions to consider before deciding to keep your marital home," Jeff Landers, Feb. 17, 2015

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Attorney Christine K. Lincoln

Christine K. Lincoln offers sound counsel and legal services to protect clients and their families facing divorce and other family disputes.

She will take the time to understand your individual needs and develop a comprehensive solution to protect your rights and interests.

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