Agreement Division Property With Real Estate In Houston
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You'll need approval from your local planning or zoning board to split your property legally. This process often involves submitting a subdivision application, which outlines the proposed division and includes detailed property surveys and maps.
Division of equity: One spouse may keep the house and give the other half of the equity, or other assets may be used to offset the value of the house. Court orders: If the spouses cannot agree, the judge may order the house sold or awarded to one party.
The subdivision process typically has two main steps: 1) the Preliminary Plan, and 2) the Final Subdivision Plat(s). While rare in counties, many municipalities also require a general concept plan in the initial submittal.
One common misconception among divorcing couples in Texas is that all assets are automatically split 50/50. The automatic 50/50 split is a myth!
The undivided interest encompasses the whole property, and its holders have equal rights to the entire property. The undivided interest is not separated into parts or shares. Thus, no individual co-owner has exclusive rights to any specific portion of the property.
Every co-owner of an interest in the property (no matter how small) must agree in order for a voluntary partition to occur. The remedy when agreement cannot be reached is for one or more of the co-owners to seek a court-ordered division by means of a partition suit.
Texas is one of nine states that is a community property jurisdiction. In general, this means that any property acquired by a couple during their marriage (with a few exceptions) is equally owned by both spouses. This can have a profound effect on the dissolution of property during divorce proceedings.
Potential solutions for dividing inherited property include selling the property and dividing the proceeds, providing siblings with co-ownership, and having one sibling buy out the other siblings.
