Austin, TX, Texas, United States - May 17, 2022 —
The family home could well be the biggest asset and the most fought over in a divorce wrangle, revealed divorce attorney Daryl Weinman.
For more information please visit https://www.weinmanfamilylaw.com
The Founding Partner of Weinman & Associates, P.C, in Austin, TX, took time out from her busy schedule to explain key solutions and how claims for the house can be handled when the dust finally settles on an official split.
Weinman said that while the battle over the house could be awkward, a number of factors could well come into play to give couples, their attorneys, and the courts a clearer view.
First and foremost is assessing who legally owns the house. If one spouse has a separate property claim to it, having owned it before the marriage, or having used separate funds to purchase it, they will likely get to keep the house in a divorce.
Weinman said that, more often, a couple would have bought the home together during the marriage, making it community property, where each spouse has a rightful claim.
Weinman said: "The reality is likely to be more complex when a spouse moves into the other’s pre-marriage residence, for example, and begins to help with the payment of the house. The house could then be considered an asset of mixed character – in other words, it is still one spouse’s separate property asset, but the other spouse will have a reimbursement claim for some of the equity."
One option that many couples select, especially in the boom market that we are currently experiencing is to sell the house and divide the proceeds – maybe equally, maybe not, depending on the other assets involved. Often, neither party can afford the residence alone, so a sale will be inevitable. Also, there can often be negative emotions associated with the home that both parties would prefer to leave behind.
While some deploy the courts for a final answer in getting to a solution balanced against other assets, others may take a more pragmatic approach and give up interest in the house for a greater share of another asset, such as retirement funds.
Weinman suggests couples attempt to sit down with each other and find common ground and a way forward on any property assets. "By doing so, you could save a lot of money and a lot of time by avoiding the fight in court. As marital funds get paid to attorneys for an ugly court battle, there is less to divide between the spouses."
If couples can agree to cooperate, they can hire an independent appraiser to determine the house's potential value, which will help with negotiation of a potential settlement.
However, Weinman advises professional and legal help to assess and ensure any agreements are equitable. “This may be your first time in a negotiation like this, but divorce attorneys do it every day and they can evaluate your situation without the emotion that you are experiencing.”
If one spouse wants to keep the property and the other doesn't, then it will be down to balancing asset values to reflect the buyout of the spouse. If both agree to list the house, agreements will be needed on the listing agent, the asking price, and repairs required to get the property ready for market.
However, when both spouses want to keep the house, a court will have to decide. Various factors could affect the outcome, such as financial viability and, if there are school-aged children involved, which parent will have primary custody of the children.
Weinman said a court might side with a custodial parent who has more time with the children (assuming they are able to financially maintain it) as it helps maintain stability for the children. However, if a spouse wants to retain the house, they may have to consider refinancing the home to buy the other spouse out.
Another option is for one spouse to maintain a lien on the house until a date certain, for example when the youngest child graduates. This ensures payment in the future (and could include interest on such lien), and provides stability for the children.
Weinman concluded: "The property can also be a financial drain if you're fighting for the right to keep it. Seeking dispassionate legal advice can often clarify matters and allow you to move on.
“Ultimately, is it feasible to keep a property on when it may saddle you with more financial strains? You may decide it isn't worth it for your future financial and mental health."
source: http://RecommendedExperts.biz
Contact Info:
Name: Daryl Weinman
Email: Send Email
Organization: Weinman & Associates, P.C.
Address: 8200 N Mopac Expy #230, Austin, TX 78759
Phone: 512-472-4040
Website: https://www.weinmanfamilylaw.com
Release ID: 89074681
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