Jamie Graham & Associates, PLLC

Selling the family home during divorce offers benefits

Two individuals in Texas who are getting divorced may not be able to agree on how to split their assets during the process of dissolving their marriage. However, they may agree on one particular thing during the divorce: They both value the family home. Even though they both may want to keep the family home because of the memories associated with it, selling the house may actually be the wisest move.

Selling the house can be beneficial from an emotional standpoint, as it allows a divorcing person to leave memories behind, move on and create brand new memories in another location. However, there are some essential financial considerations for going through the sale of the family home. For example, if the residence has appreciated a lot, capital gains might be owed on the sale.

Any capital gains owed on the sale of a home will likely be shared between the two parties. Their bill will come due at income tax-filing time the following year. Then, the proceeds can be split between the parties. It is also important to keep in mind that sellers usually pay the real estate brokers' commissions for both of the parties involved in the real estate transaction.

An understanding of a person's rights during the divorce process can help the person to make beneficial decisions regarding the splitting of assets and property in Texas. It may be possible for both parties to reach a mutually beneficial and satisfactory settlement through divorce mediation or negotiation, which can help them avoid any further court intrusion. Otherwise, a judge will need to decide for the couple how to split their assets.

Source: palmbeachpost.com, "Deciding What to Do With the Family Home After Divorce", Mary Ballin, Oct. 31, 2016

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