As a divorce and child custody lawyer in Dallas, Texas, I often get asked about property division during divorce proceedings. One common question I hear is whether one spouse is entitled to half of the equity in a home if they were the one paying the mortgage throughout the marriage.
The answer to this question depends on several factors. Firstly, it’s important to consider the amount of property in the community estate – this refers to any property or assets that were acquired during the marriage and are therefore considered to be jointly owned. If the home in question is part of the community estate, then it’s likely that both spouses are entitled to a share of the equity.
However, it’s also possible for one spouse to retain the full amount of equity in the home if they are willing to give up something else of equal value in exchange. For example, if the spouse who paid the mortgage doesn’t have a retirement plan but the other spouse does, the former may be willing to allow the latter to keep their entire retirement plan in exchange for being able to keep the full amount of equity in the home.
Another scenario to consider is if one spouse is granted custody of the children. In this case, they may be willing to forego receiving child support from the other spouse in exchange for being able to keep the full amount of equity in the home.
Ultimately, it’s important to remember that every divorce is unique and the specific terms of property division will depend on the individual circumstances of each case. If you’re facing a divorce and have questions about property division, it’s best to seek the advice of an experienced divorce and child custody lawyer. At the Blacknall Firm, we’re here to help you navigate the legal process and achieve a fair outcome. If you have any questions, don’t hesitate to reach out and schedule a call with our team.