From Heartbreak to Housebreak: Divorcing Women Rule the Real Estate Game and Are Getting The House in Texas Divorce
Divorce in Texas can be an emotionally challenging process for anyone, but women going through a divorce in Texas have a unique advantage when it comes to the division of property, particularly the family home. In this article, we will explore how divorcing women in Texas can navigate the real estate game to secure their rightful share of their property, whether it be in Southlake, Colleyville, Grapevine or elsewhere in Texas.
There are all kinds of options to buy the other spouse out, refinance, and use other alternative options to cash buyouts. Almost every divorce involves a property settlement and there are several factors to consider. Take a look at our article: Divorcing and Keeping the House for more information.
In a recent Forbes article, Single Women Are More Likely To Own Homes Than Single Men In Nearly All States, some interesting statistics support the claim that divorcing women are ruling the real estate game.
· Single women own 2.64 million more homes than single men in the U.S.
· Louisiana tops the list of homes owned by single women
· Men are in the lead in only two states, North Dakota and South Dakota
· Florida has the greatest gap between men and women, with women ahead by 4.55%
· Wyoming has the smallest gap between men and women at 0.39%
Understanding Community Property Laws in Texas
In Texas, community property laws govern the division of property during a divorce. This means that any assets acquired during the marriage are generally considered community property and subject to an equal division between spouses. Community property laws aim to ensure a fair distribution of assets accumulated during the marriage, including real estate properties such as the family home. However, this doesn't necessarily mean that the family home will be automatically awarded to the wife.
The Importance of Legal Representation
When facing a divorce, women must seek the guidance and representation of an experienced divorce attorney. When selecting a divorce attorney, choose someone who specializes in family law and has a deep understanding of the complexities involved in property division during divorce proceedings. Seek an attorney with many years of experience in high net worth and complex divorce, and family litigation involving property issues.
Demonstrating Primary Custody
One factor that can significantly impact the wife and mother’s chances of retaining the family home is if she is awarded primary custody of the children. Texas courts prioritize the best interests of the children, and if the woman can demonstrate that it is in their best interest to remain in the family home, she may have a stronger case for keeping the property.
Keep in mind, the parties in a child custody case can settle their disputes and determine their own unique child custody arrangements. Creative approaches exist and are catching on more frequently, including a house rotation approach call “nesting,” as described in this BBC article; “Bird nesting, The divorce trend where parents rotate homes.”
Divorcing women need to consider the financial aspects of retaining the family home. It is essential to evaluate whether it is financially viable to maintain the property, including mortgage payments, property taxes, and ongoing maintenance costs. Expert advice is necessary for assessing the financial feasibility of keeping the family home.
Negotiation and Settlement
In many cases, divorcing couples can reach a settlement agreement without going to trial. The key is property strategy and execution in negotiation, helping women strategically approach property division discussions. Divorcing women can present their cases effectively and aim for a favorable settlement that includes the family home.
If negotiation and settlement attempts are unsuccessful, the case may proceed to court. In such situations, having experienced legal counsel on your side can be a significant advantage. With extensive courtroom experience, we can skillfully present your case, ensuring that your rights and interests are protected.
Being prepared for trial is necessary because goodwill in negotiations can break down, things can happen in markets and life, beyond our control. If we have to go to court we get everything ready and determine the best approach. Of course, when we do this, we keep settlement options on the table, hoping our opposing party is willing to compromise.
Determining the value of the family home is a crucial step in the divorce process. Trusted real estate appraisers can provide accurate valuations. This ensures that women receive a fair share of the property's value in the divorce settlement.
Note that property values are the common subject of conflict and some attorneys thrive on dragging things out when the home valuation issues become sticking points. Experienced trial lawyers know how to cut this type of delay short, and save resources for all involved.
If it becomes apparent that retaining the family home may not be feasible or in the best interest of the woman, we can help explore alternative solutions. These may include selling the property and dividing the proceeds or considering other assets that can be exchanged for the home's value.
For more information, visit BarrowsFirm.com or call (817) 481-1583.