Going Through Divorce in Preston? Here’s How to Divide Your Assets

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Going Through Divorce in Preston? Here’s How to Divide Your Assets
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Dealing with a breakup or divorce can be very tough, confusing, and emotional. That’s why It is crucial to have the appropriate legal advice and knowledge to help you through the procedure and get ready for the next phase of your life.

If you live in Preston and are either thinking about getting a divorce or are already going through one, this article will provide you with the property-related assistance you need at every stage.

How do we split the house in a divorce?

After a marriage ends, there are a few common ways to deal with the house, which can be decided either by mutual agreement or through legal actions.

If you’re in Preston, these are some options to consider:

  1. Sell the House: You can sell the house, and the money from the sale is divided between both of you. It doesn’t have to be an equal split, but that’s often the starting point for discussions.
  2. Buyout: One of you can buy the other’s share of the house and continue to live there.
  3. One Stays, One Gets a Lump Sum or Stake: One person can remain in the house, while the other receives a one-time payment or keeps a share in the property.
  4. Court Order, like a Mesher Order: A court may order that the house sale is delayed until a specific event occurs, like your children reaching the age of 18.

Is my partner entitled to half my house if it’s in my name?

The answer to this is not a straightforward “yes” or “no.” It depends on various factors. If the house was purchased with your own money before the marriage, there is a chance your husband could still have a claim, especially if the property’s value increased during the marriage or if he contributed to improving the property.

However, if you obtained the house before the marriage or have a clear prenuptial agreement that confirms your sole ownership, there’s a significant likelihood that you will retain full ownership. In legal matters like this, there are many variables to consider, and the outcome can vary based on your unique circumstances and any legal agreements in place.

Is a divorce property split 60/40 or 50/50?

In Preston, when a divorce settlement is worked out, the goal is often to split things evenly, like a 50/50 split, between both partners. However, this equal division doesn’t always happen. Sometimes, one person ends up with more than the other because of different situations that come up. These situations may include the welfare of children, parties’ needs, or any mental or physical incapacities.

When a court is deciding whether this uneven split is fair and reasonable (for example, giving one person 60% and the other 40%), they look at various things listed in the Matrimonial Causes Act 1973.

What am I entitled to if I separate from my partner?

In the UK, when you separate from your partner, both of you usually have the privilege of sharing the matrimonial assets equally (50:50), without regard to gender (whether you’re a husband or a wife). These assets typically include pensions, property, savings, and investments.

However, it’s important to understand that the specific circumstances of your marriage will determine how much each of you is entitled to. 

Who gets to stay in the house during separation?

During a separation in Preston, the right to stay in the house depends on a couple of factors. 

  • If the house is owned or rented in both partners’ names, both have an equal legal right to be there. 
  • If the house is solely owned by one person, the other partner, especially if they’re married, still has a right to stay in the marital home.

So, whether you’re renting or owning your home, and whether it’s in one or both of your names, both partners could still have the right to live in or stay at the house.

If you’re uncertain about who should stay in the marital home or if you can ask your partner to leave, it’s crucial to seek legal advice before taking any action. Don’t just leave the home based on your partner’s instructions.

Is my partner entitled to half of everything?

The starting point is typically a 50/50 split in Preston, but the court has the final say in all settlements, and it doesn’t favour one partner over the other.

If a couple has been married for a long time, a partner who left work to raise children might be entitled to:

  • Half of the shared assets.
  • A significant portion of their ex-partner’s income until retirement.
  • Half of their ex-partner’s pension benefits.

However, for younger couples without children they might just keep what they brought into the marriage. So, it depends on your specific situation and what the court decides. It’s not necessarily an automatic 50/50 split of everything.

Who pays the bills during a separation?

During a separation, the general practice is to keep paying household bills the same way they were paid during the marriage. This includes mortgage or rent, utility bills, and council tax. The goal is to maintain financial stability for both spouses.

Not paying these bills on time can result in issues like County Court Judgments, which can make it difficult to get credit in the future. 

What happens to a joint mortgage if one person stops paying?

Both you and your ex-partner are equally responsible for paying the joint mortgage. Your lender has the right to pursue both of you for payments, either together or individually, and can also seek costs, legal fees, or even repossess the property.

If one person refuses to pay the mortgage, it will negatively affect both your and your ex-partner’s credit records. This means it will be more challenging for both of you to secure future mortgages or credit.

When you’re going through a separation, one of the major things to consider is how to split your finances and possessions, especially your home. 

It’s essential to take your time before making any decisions. If you’ve already made up your mind, then what are you waiting for? Sell house fast and receive funds within a week. You can also contact us to learn more about how to sell your house quickly and navigate this challenging time.

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