New Braunfels Divorce Lawyer for Real Estate

Asset Division Attorney for Real Estate Property in New Braunfels, TX Divorces

In a high-net-worth divorce, the real estate a couple owns may not be limited to a single home. A couple may own a primary residence in a gated community, a lake house, a ranch, and several rental properties. Each property will have its own value and tax consequences, and it may have emotional significance for both spouses. Deciding who will keep which property, and how to structure the transfer of ownership, will require careful planning.

At Hill Family Law, our lawyer represents spouses with substantial real estate holdings in New Braunfels and the surrounding areas. With deep experience handling complex issues related to property division and the ability to protect clients' financial interests, he can advocate for solutions that will help a person keep the property that is important to them while addressing other financial concerns.

Real Estate Properties in High-Asset Divorces

A couple's marital estate may include many types of property, including:

• A family's primary residence may be the emotional centerpiece of a divorce, particularly when a couple has children and a person wants to avoid uprooting them from their home.
• Vacation homes and waterfront properties may serve as getaways for a family, and they may also be used as short-term rentals. Income generated by these properties will need to be considered during a divorce.
• Ranch and agricultural land located in the Texas Hill Country may need to be addressed. Agricultural or wildlife management valuations may need to be performed for property tax purposes.
• Investment and commercial properties, such as rental homes, office buildings, or retail centers, may be valued based on the income they produce.
• Mineral and royalty interests may be a factor for properties located in South Texas, and ongoing income earned through these properties may need to be divided.

Options for Dividing Real Estate

Couples may use one or more of the following approaches as they divide property during a divorce:

• Offsetting Properties With Other Assets: One spouse may keep a property, and the other spouse may receive investments, retirement funds, or different real estate of comparable value.
• Buyout of the Other Spouse's Equity: A spouse who keeps a property may pay the other spouse for their share, often by refinancing or using other funds.
• Sale and Division of Proceeds: A property may be sold. This will allow the mortgage to be paid off, and the remaining equity will be split alongside other marital assets.
• Deferred Sale: Spouses may decide to continue to co-own a home for a specific period of time, such as until their youngest child finishes high school. They may then sell the property under agreed terms.

Accurate appraisals are essential when dividing real estate. In some cases, both spouses may hire their own appraisers, and they may negotiate agreements as they determine which valuations to use.

Keeping the Family Home After a Divorce

In many cases, one spouse will want to remain in the family home to provide stability for themselves and their children. Before agreeing to keep the house, it is important for a person to understand what ownership will involve once the divorce is final.

Retitling the Property

A divorce decree may award a home to one spouse, but a separate deed will need to be signed and recorded to show clearly that one spouse now holds the title to the property.

Refinancing the Mortgage

Removing a former spouse from a home's deed will not remove that spouse from the loan. In most cases, the spouse keeping the home will need to refinance the mortgage in their own name.

Handling Ongoing Expenses

The monthly mortgage payment is only part of the cost of keeping a home. The owner will also be responsible for:

• Property Taxes: These can be substantial in the New Braunfels area, especially for higher value homes.
• Insurance: Homeowner insurance coverage will be required, and flood insurance may also be needed for properties near rivers.
• Association Fees: Dues for homeowner associations are required in many local neighborhoods.
• Maintenance and Repairs: Roof replacements, pool upkeep, landscaping, replacement of HVAC systems, and other ongoing maintenance costs may be required.
• Utilities and Other Expenses: A homeowner will need to pay ongoing bills for electricity, water, gas, etc. Other types of expenses may include decorations, furniture, or new appliances.

Our lawyer will work with clients to ensure that they can build a realistic post-divorce budget. This can help them decide whether keeping their home makes financial sense.

Contact Our New Braunfels, Texas High Net Worth Divorce Attorney for Real Estate

A couple's real estate holdings will often involve much more than values listed on paper. Maintaining ownership of a home may involve financing, property taxes, ongoing upkeep, and much more. At Hill Family Law, our attorney can work with clients to carefully plan how real estate property should be handled. He will work to protect a person's financial position and help them make confident decisions about the division of marital property. Contact our New Braunfels, TX real estate asset division lawyer at 830-229-2129 to arrange a free consultation.