Texas community property laws generally divide a couple’s marital property and shared debts. As noted by the Texas Family Code, unless debts classify as a spouse’s separate responsibility, spouses may claim offsets or reimbursements for debts incurred while married.
If you share a mortgage or have joint credit card accounts with your soon-to-be ex-spouse, the balances may require splitting. A spouse who wishes to keep a couple’s home may need to agree to take on future mortgage obligations.
What could you do to keep a home?
In Texas, both spouses own half of their marital properties. The spouse wishing to take full ownership of a home may need to “buy out” the other spouse’s share. You and your soon-to-be ex-spouse may also discuss trading other marital assets so that you could keep the home.
As noted by The Mortgage Reports, if your property has a mortgage balance, you may refinance the existing loan. Your name could stay on the new loan and free your spouse from responsibility for payments. In some cases, a property’s equity may have sufficient value to refinance a loan and buy out a spouse’s share.
How may credit card debts split between two spouses?
As noted by Forbes, both spouses remain liable to pay the balances on joint credit card accounts. When a spouse appears as an authorized user on an individual account, however, the account’s owner remains liable for the balance.
In some cases, both the original credit card owner and an authorized spouse may need to split the debt. Charges for items or services purchased for your shared household may need to divide evenly.
A Texas divorce involves dividing a couple’s marital property and their debts. Negotiating a settlement may involve one spouse taking on a mortgage expense or credit card payments.
