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Selling the marital home may be beneficial during divorce

Marriages in Texas sometimes fall apart no matter how hard one or both parties try to keep the marriage together. Unfortunately, with the dissolution of a marriage comes challenging matters, such as property division and asset distribution. One of the most challenging assets to divide during divorce is the marital home.

One option for tackling the family home during divorce is selling the house and then splitting the profit. This is recommended in many situations because it is often the easiest way to solve a couple's problems. Both parties get their fair share, and the couple does not have any remaining joint debt that has to be resolved. However, people who are selling their homes at a profit need to be aware that they may have to pay capital gains taxes, depending on the profit amount.

If the couple is trying to sell their house during a poor housing market, the home might end up sitting on the market for a while. This can lead to a loss of money. In this case, it may be wiser for the couple to move out and rent the home instead.

Although the divorce process in Texas is often viewed as contentious, it does not always have to be that way. If two divorcing individuals can find common ground, they may be able to work out their property distribution matters at the negotiation table or through divorce mediation instead of having to go through litigation. With proper legal guidance, they may be able to achieve a settlement that aligns with their individual goals.

Source: realtor.com, "How to Divide a House When You're Getting a Divorce", Liz Alterman, June 7, 2016

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