Divorce is one of the most emotionally and financially challenging experiences a person can face. When a marital home is involved, the situation becomes even more complex. If you're going through a divorce in Austin and need to sell the family home, this guide will help you understand your options and find the best path forward.
Texas Community Property Law
Texas is a community property state, which means that property acquired during the marriage is generally owned equally by both spouses. This includes the family home if it was purchased during the marriage.
Key points:
- •Both spouses typically have equal ownership rights
- •Both must agree to sell (or a court must order the sale)
- •Proceeds are generally split 50/50 unless otherwise agreed
- •Property owned before marriage may be separate property
- •A prenuptial agreement can change these rules
Options for the Marital Home
Option 1: Sell the Home and Split Proceeds
This is the cleanest option and the most common in Austin divorces. Benefits include:
- •Clear financial separation
- •Both parties receive their share of equity
- •No ongoing financial ties through the property
- •Fresh start for both spouses
Option 2: One Spouse Buys Out the Other
If one spouse wants to keep the home, they can buy out the other spouse's share. This requires:
- •Refinancing the mortgage in one name
- •Paying the other spouse their equity share
- •Qualifying for the mortgage independently
Option 3: Continue Co-Owning (Not Recommended)
Some couples agree to continue co-owning the property temporarily. This is generally not recommended because:
- •Ongoing financial entanglement
- •Disagreements about maintenance and expenses
- •Complications if one party wants to sell later
- •Difficulty qualifying for new mortgages
Why Cash Sales Work Best for Divorce Situations
Selling to a cash buyer like House Buyers in Austin offers unique advantages during a divorce:
Steps to Sell During Divorce
Protecting Your Interests
During a divorce sale, always:
- •Work with your own attorney (not your spouse's)
- •Get the property appraised independently
- •Document the condition of the property
- •Keep records of all expenses and payments
- •Communicate through attorneys if necessary
Get a Confidential Cash Offer
We understand the sensitivity of selling during a divorce. Contact House Buyers in Austin at (512) 675-3722 for a confidential, no-obligation cash offer. We work with both parties and their attorneys to ensure a smooth, fair transaction for everyone involved.