Many questions arise when trying to sell your home during a divorce. What needs to be done to ensure a quick and profitable sale? Who will choose the Realtor®? When is the best time to list a home? Who bears the financial responsibilities of the sale? You can proactively allay your fears and clear up misconceptions by doing your due diligence and researching what to expect throughout the selling process. Every divorce has a unique set of circumstances. Although this book is co-authored by a lawyer, it is not intended to be a legal guide or to dispense legal advice. Our goal is to provide you with a source of information regarding how to address your marital real property during a divorce. Becoming familiar with some real estate terminology and options will give you a better understanding of your situation and confidence that, indeed, “this too shall pass.” Texas is one of nine states that is a “community property” jurisdiction. The other states are defined as “equitable distribution” states. Community property states follow the rule that all assets acquired during the marriage are considered “community property.” The other eight community property states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Washington, and Wisconsin. Alaska is an opt-in community property state that gives parties the option of making their property community property. The remaining 41 states follow the laws of equitable distribution, which means property acquired will be divided between the spouses in a fair and equitable manner. The court determines who receives what based upon a variety of factors, such as the relative earning contributions of the spouses. In community property states, on the other hand, all income and assets earned or acquired during the marriage are considered to
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