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Will a divorce home sale deprive you of oil and gas income?

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Will a divorce home sale deprive you of oil and gas income?

On Behalf of | Oct 14, 2021 | family law |

The judge presiding over a divorce in Texas has a substantial amount of authority. In some cases, they may even have the final say about what happens with your property and the custody of your children. They can award assets to one spouse or even order a couple to sell their shared assets to repay marital debts or split the sale proceeds. 

Unfortunately, if you have an oil and gas lease on your home, you may count on that for regular income. Can a judge force you to sell your property even if your real estate provides you with a revenue stream?

A judge won’t force you to sell if you can buy out your ex

Under community property laws in Texas, each spouse has a shared interest in whatever the couple acquired during their marriage. Your house or other real estate may be some of the most valuable assets you share with your ex. You will likely have to figure out a way to divide it in the divorce, but that doesn’t mean you have to sell the property. 

You and your spouse could reach your own settlement outside of court. Even in a litigation scenario where a judge makes the final decision, that should be an option if you have the credit or personal resources to make a fair market value on your spouse’s share of the property. Of course, the cost of sole ownership of the property could dwarf the revenue generated by an oil and gas lease. 

Making the right decisions during litigation or settlement negotiations can set you up for a more secure future. Carefully evaluating your financial circumstances can help you better plan for your Texas divorce.