When a relationship ends, dealing with jointly-owned property can be complicated, especially when one person wants their name removed from the mortgage and deed. In Texas, there are several legal options available to resolve these disputes and protect your financial interests.
Key Options for Resolving Property Disputes
- Unilateral Right of Partition
- What It Is: Texas law allows co-owners of property to file a partition lawsuit to force the sale of the property. This option is available when one owner wants to sell, but the other refuses.
- How It Works: In a partition action, the court can either divide the property physically (if feasible) or order it to be sold. The proceeds from the sale are then distributed among the owners based on their ownership interests. This option allows you to extract your equity from the property even if the other owner is unwilling to cooperate.
- Owelty Deed with a Deed of Trust
- What It Is: An owelty deed provides a less confrontational solution. If your ex-partner agrees, you can sign over your interest in the property to them in exchange for a deed of trust.
- How It Works: Through an owelty deed, you transfer your ownership to the other party while securing your financial interest through a deed of trust. This means that if your ex fails to pay the mortgage, you have the right to foreclose on the property to recover the outstanding mortgage balance, protecting your credit.
Why You Shouldn’t Rush Decisions
Before making any legal moves, it’s crucial to consider all your options carefully. Engaging with a knowledgeable attorney who understands Texas property laws can help you navigate this complex situation effectively and ensure that your financial interests are safeguarded.
Conclusion
Navigating property disputes with an ex can be challenging, but Texas law offers several solutions, such as partition actions and owelty deeds with a deed of trust, to help resolve these conflicts. Consulting with an experienced attorney is essential to ensure that your rights and financial interests are protected throughout the process.
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