Dividing Your Real Estate In A Texas Divorce
Dividing real estate in a divorce is one of the most critical steps in ensuring a fair settlement. For many couples in Austin, their house, vacation homes and other real property are the most valuable assets they own. It’s crucial to divide this property right the first time to protect your financial future.
Dependable Guidance Through Complex Real Estate Assets
At the divorce law firm of Izzo & Associates, PLLC, we have more than 20 years of experience in complex property division. Our team capably handles a wide range of family law problems affecting spouses, nonmarried partners, grandparents, children and other individuals.
Our firm is dedicated to helping families, especially children. Our founding attorney, John Thomas Izzo, cares deeply about the well-being of children. Our focus is on helping families help their children through tough times, which includes ensuring they have a comfortable living environment after their parents’ divorce is final.
How Real Estate Gets Divided In Texas
In a Texas divorce, real estate is part of the asset division process. Texas is a community property state, meaning any property acquired during the marriage belongs to both spouses and is typically subject to a 50/50 split.
All community real estate, including your primary residence, vacation home and rental properties like an apartment building or condo, will be subject to division. It is essential to ensure all assets are accounted for. Some divorcing spouses try to hide real estate assets. This is especially common when one spouse handles all financial matters during the marriage. A thorough investigation by experts like forensic accountants can be necessary to give you a complete picture of the assets in the community pool and ensure you get your fair share.
What Can Happen To Your Real Estate
When it comes to the family home, there are several options. One spouse might buy out the other’s share, or the home might be sold and the proceeds divided. Less often, the divorcing couple agrees to continue owning the house jointly. The same applies to other real estate, such as vacation homes or rental properties.
Every divorce is different. What you do about your real estate depends largely on your individual needs and preferences, along with those of your kids.
Find Out More About Divorce And Real Estate
If you are facing a divorce in Austin, Texas, and have questions about dividing real estate, contact our firm, Izzo & Associates, PLLC, at 512-982-1161. We are here to help you through this complex process. Schedule your free phone consultation today with our office which serves Travis county and William county. Let us help you protect your future.