Perhaps you’re in the sad situation of having to go through a divorce yet you own property jointly that you need to sell. If so, you’ll want to read this article and find some ways to strategize in your situation and any real estate that must be sold off.
What Is Community Property?
In Texas and several other states, after two people marry, everything that is acquired during that marriage is community property. They both own it. From houses to cars and everything in between, it’s all co-owned. This also includes 401Ks, stocks, bonds and anything of value.
It’s Fair, Right?
Well, it’s all fair until the couple is on the outs and seeking a divorce, then, it becomes an issue. Now disposing of said property becomes more cumbersome.
Commonly, the courts will determine who is at fault and who gets what when it comes to the various community property items. Who was the primary wage earner, who took care of the children, who ran the household and other factors will all be considered when determining who gets what? This is how the courts will decide who is going to get the property and whether or not the couple has equal claims to the property. Typically, in a divorce, one of the parties is going to walk away with far more property than the other. Typically, this larger portion is property or investments.
There are many property issues that refer to the properties that couples acquired before the marriage. These items may be jewelry, clothing, gifts and such. Also, inherited property is also factored in as separate property. This is all individual property as it was bequeathed to one person alone.
Such technical issues are very challenging in a divorce. If someone wants to sell a home or an investment during a divorce, it must first be determined who owns it to sell it. Further, if both own it, then both have equal rights to said property.
For this reason, Sell My House Houston Pros have a team that is dedicated to helping those undergoing a divorce and trying to sell their properties so that they can both move forward with their lives.
If you, or someone you love, is undergoing a divorce, and there is a home involved, they can help in many ways. They even give you a free consultation with their attorney so that the situation is handled the best possible way. They have experts on hand that will help with the entire process and be able to answer any and all questions that may arise during the sale of a property when a couple is going through a divorce. Give them a call today and let them help you during this difficult time. They’ll make sure that all of the details are covered to sell the property.