If you and your spouse in Texas are getting divorced, you know that it can be difficult to choose which one of you will end up with what assets or debts after your divorce has been completed. Every single thing in your life can feel subject to the choice of who gets what. Some choices may be heavily influenced by emotions and some may be heavily influenced by the financial ramifications. When it comes to your family home, the choice is often influenced by both emotions and money.
If your spouse wants to keep the house you bought together, you might initially think this is fine. However, Bankrate urges divorcing spouses to take a step back and evaluate this choice objectively and understand the potential consequences. If your spouse keeps not only the house but also the mortgage with your name on it, you will remain financially liable for the debt. This may happen even if you sign away your portion of ownership via a quit claim deed.
You should consider requiring your spouse to get a refinanced mortgage in their name only before you agree to let them keep the house. This is the only way to prevent your credit from being negatively impacted should your spouse ever miss or be late on a payment.
This information is not intended to provide legal advice but is instead meant to provide insight to divorcing residents in Texas about what they should consider before they agree to let their partner keep the family home after their divorce is finalized.