Texas residents and those across the U.S. who are considering a divorce may find it necessary to divide their jointly owned home along with their other assets. This can be a complicated process if proper steps are not taken, as all factors and details need to be considered for the process to run smoothly.
One spouse may wish to buy out the other spouse and keep the home. If this is the case, the spouse who wants to keep the house usually refinances it and cashes out the amount needed to reimburse the other individual. However, there may be a problem if the house has declined in value since the time of purchase. In this circumstance, it may be possible to utilize gift funds from family members to complete the transaction.