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Home division in the wake of divorce

For Texas couples going through divorce, plenty of aspects of the divorce process may seems daunting. Few tasks seem more difficult that the division of the home. Of course, this isn't a concern if the couple rents a home, but when the spouses own a home together, it can be challenging to find a fair way to divide the asset. Perhaps the least complicated way to deal with this issue is to sell the home and split the profits. More often than not, though, one person wants to keep the home. When this happens, it's customary for one spouse to pay the other and then acquire full ownership of the house.

This may sound like a simple transaction, but there are several things to consider. Sometimes, when one spouse pays the other in exchange for his or her share, the spouse who owns the home will use that money to make a mortgage payment. Unless he or she refinances, the mortgage will typically reflect both names. If all payments are timely, this likely won't affect credit ratings to a great extent. However, if the spouse who keeps the house falls behind on payments, then it's possible that both spouses will have credit adversely affected.

In addition, if one spouse purchases a home before the divorce has been finalized, it's necessary for the other to sign a quit claim deed, which confirms that he or she has no interest in the property. This protects it from property division.

For those who are about to go through divorce, especially for the first time, it may be confusing to deal with the division of property. It may be helpful for divorcing people to talk to a lawyer who has experience in divorce. A lawyer may be able to simplify the process and help the divorcing person avoid pitfalls.

Source: Credit.com, "How to Divide Your House in a Divorce", Scott Sheldon, July 09, 2014

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