So many questions and so few answers. We've been there. We can help you through this process from start to finish. We are here to help. The first step should be to reach out to us so we can help guide you and help you avoid costly mistakes with the house.
How long does a divorce take in Texas?
Depending on your case, it may take as little as 60 days or as long as a few years. One case took over 14 years and is still not resolved! Likely this won't happen to you! The length of time it takes for a case to be resolved completely varies depending on the issues involved.
Taking into account the parents' and their living arrangements, for example, the court might order a social study. Social studies themselves can take from two months to a year or more. Property division is another example. Property matters may require the assistance of an expert to assess businesses or property values.
We will work closely with both attorneys and mediators to help determine the value of one of your most valuable assets.
That is why being fully informed about your house and doing all the homework is vital.
We are Experts on Divorce and Real Estate
Sometimes we want to keep the house for emotional reasons or because of the children. We want to help you make informed decisions when it comes to the house.
We want what is best for you. You can keep the house if you know all the risks and are comfortable with those risks.
Find out about the risks Today!
Yes! Texas is one of nine states that is a community property jurisdiction. Community property means that most property acquired by both spouses during the marriage belongs to the community estate and is therefore subject to division at the time of divorce.
You may have heard that Texas is a 50/50 state, division is not necessarily a 50/50 split. A court may determine "is just and right" is not a 50/50 split. A court bases a just and right division on the facts of each case.
Texas Family Code
Community property is everything that the spouses own together. Generally, that includes all property acquired during the marriage except property received by inheritance or gifts from separate property owned before marriage.
Community property is all property bought during the marriage with income received during the marriage.
Separate property is any property that you or your spouse owned before the marriage or that you received during the marriage as a gift or inheritance.
Our help extends across six different zones of risk; The Mortgage, Title, The Value of the Home, Mechanic Liens, Insurance, and Condition of the Property. We will help guide you down whichever path is best for you. It does not matter whether you plan on selling or staying put in your current home we can help you make informed decisions.
While Divorce Real Estate is our primary focus, all real estate transactions come with risks. We have also helped many non-divorce individuals. While working with Divorce Real Estate we have uncovered risks that need to look at in almost every transaction. Even if you might not be going through a divorce it does not mean that our Network of experts are any less valuable to you.
Competitive Market Analysis (CMA) shows the prices of comparable sales of homes in your neighborhood and is a starting point for the best sales price of your home. We take the CMA along with other information about your house to help determine the top market price at which we would market the property. The Gifford Group can answer the question, What is my house worth?
Yes, a current CMA is a priceless piece of information that we would recommend in every Divorce situation. We can provide the CMA for free to our clients.
Well, it depends. First, there must be no court-imposed restrictions. Also, if you need child or spousal support income to qualify for a new loan – you’ll need to wait. Otherwise, a pre-divorce purchase can be a great option.
NOTE: When purchasing a new home while still legally married, keep in mind that your spouse will be required to sign a Quitclaim Deed prior to closing. This will allow you to claim sole title to the new property.
An owelty lien is a tool to utilize when the equity of a home needs to be split.
Owelty liens are a type of deed that allows divorcing couples to divide the existing equity in the marital home. This action is commonly utilized in divorces to “buy out” the remaining spouses’ interest in a home.
The party giving up their interest in the home obtains a lien against the property through a divorce decree, called an Owelty lien. The Owelty lien must be filed at the courthouse in the county records. When the party retaining their interest in the house refinances or sells the home, the other party is paid the value of their Owelty lien. This solution allows one person to obtain the full interest in the home while removing the exiting spouse from the mortgage, while also providing the exiting spouse with cash.
In Texas, the Owelty lien is more valuable than any other state. It is the only way a divorcing couple can access more than 80% of the home's current value without violating the Texas A6 law, or "cash-out law". Without the Owelty Lien, borrowers will pay cashout rates rather than the traditionally lower rate and term rates.
We can connect you with a Local Lender that can help you walk through this process.
Need to know how much equity you have?
Use our House Buyout Divorce Calculator
The three options
Read our blog post on Can I Buy a House before my Divorce is Final?
This is where the Qualified Domestic Relations Order (QDRO) will be created. The divorce decree must order that these assets will be divided. The court then must approve the QDRO and the order must be passed to the administrator of each retirement account.
Read our Blog Post on QDROs
Check out our Divorce Videos
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Standard Child Support in Texas Guidelines.
BASED ON THE MONTHLY NET RESOURCES OF THE OBLIGOR.
1 child = 20% of Obligor's Net Resources
2 children = 25% of Obligor's Net Resources
3 children = 30% of Obligor's Net Resources
4 children = 35% of Obligor's Net Resources
5 children = 40% of Obligor's Net Resources
6+ children = Not less than the amount for 5 children
See The Monthly Child Support Calculator
What is Alimony?
Alimony is a payment that one spouse makes to the other during and/or after the Divorce Process. In Texas, the court calls these payments "spousal maintenance" or "maintenance."
You can use our Divorce Alimony Calculator below to calculator the total maintenance support you will receive and for how many years?
How much is spousal support in Texas? There is no formula to tell you how much spousal maintenance you will be awarded. An award for maintenance cannot exceed $5000 per month or 20% of the spouse's gross income (whichever is less).
Calculate how a Divorce house buy out would work for you. This divorce buyout calculator can give you an idea of how much equity you have to divide with your spouse. We can help determine how do I give my spouse equity in a divorce?
This Calculator can calculate three different scenarios and how much equity will be available to split in each case.
The 1st scenario displays how much money each spouse will get if you sell. (The Safest option for both parties) Selling the home to split the equity.
The 2nd scenario is if you buy out your spouse using the standard 80% cash-out refinance. Standard Refinance to get the house out of the spouse's name.
The 3rd scenario is if you buy out your spouse using the Owelty Lien which enables you to do a 95% buy out (this one is a hidden secret most people don't even know that is an option) - Refinance Divorce Buyout to remove them from the deed and recapture more equity.
Since lenders generally require you to maintain at least 20% equity in your home (though there are exceptions) after a cash-out refinance.
We can get you connected to the lender that can do up to 95% of the equity for the spouse buyout.
Download Our Free Informational Resource at https://www.mydivorcerealestate.com
The Gifford Group
A surviving spouse does not automatically inherit half of a married person's community property when the person's children are not his or her children. If one of the spouses dies, a married couple may agree in writing that all or part of the community property will go to the surviving spouse.
This is known as a right of survivorship agreement. Survivorship agreements must be filed with the county court records of the couple's residence. Married couples can use this to make sure that all community property cited in the agreement automatically passes to the surviving spouse without having to go to probate court.
Do you need an Appraisal or a Comparative Market Analysis when you are divorcing? What's the difference?
A licensed appraiser's appraisal or a real estate professional's CMA are the two most common methods of determining a real property's value.
But how do they differ?
These are two different opinions of value, and neither of them will ever give you the exact same opinion of price, just as no two people value anything the same. It's all about perspective.
In a Comparative Market Analysis (CMA), a licensed real estate professional evaluates what a property could possibly sell for in the current real estate market in order to determine its current value.
Get you free CMA Done today.
Appraisals are completed by licensed residential appraisers who use recent comparable home sales data to determine a home's value. Even though licensed appraisers use a similar method to a real estate agent's CMA, unlike a real estate agent, they should have no vested interest in its sale.
(Although they work for the bank that is making the loan, so there is that)
Expect to pay around $500-$600 for an Appraisal.
How does a mortgage company value real property when mortgage financing is needed?
An independent appraisal from a licensed appraiser is necessary if a mortgage is needed to refinance a marital home. A lender cannot use an appraisal ordered by the homeowner or attorney for settlement purposes. If the valuation was already established during the settlement process and an equity buy-out is needed, this may cause problems since the values can be significantly different.
Note, A lender cannot use an appraisal ordered by the homeowner or attorney for settlement purposes.
One of the most powerful tools to help "buy out" your spouse is what is called an Owelty Lien.
As we go through life, we learn that not everything is easy or straight forward as we original thought.
Getting your name off a Deed of Trust is possible but getting your name of the mortgage without refinancing, not so much! Let's learn why.
Your lender may not release a spouse from the mortgage obligation following the divorce
Mortgage companies often consider two incomes when qualifying a borrower for a loan. Neither party may qualify for the loan alone because it is based on both parties' incomes. Even if the divorce decree makes the other party liable, many mortgage companies do not release one party from the mortgage.
A Texas family court cannot compel a lender to release a party from a lien.
Thus, even if only one party owns a house, both parties are liable for the mortgage.
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