My spouse and I are seniors. We live in an independent living community that also has an assisted living component should we ever need that. We share a unit in the community, but do not want to continue living together. I’m curious about how this asset would be divided if we split up. Do we both have to move?
There are two different factors in play here. One is your contract with the assisted living community, which may specify whether and how the asset is divided. The other is Texas law. Texas law requires equitable division of assets. That means one of you might get the assisted living home, while the other got other resources, such as a car, checking account, etc. Or one of you might have to buy the other out of the assisted living community. Without knowing what assets you have, the value of the home, etc., it’s impossible to answer this question. Talk to a lawyer as soon as you can, since doing so can help you divide assets in a way that’s fair to everyone.