Divorce and separation take an undeniable toll on our emotions. Whilst dealing with the emotional repercussions we often forget the complex financial and legal issues that also follow. For many couples and families, the largest asset involved in a divorce is the family home and there is no cut and dry outcome as to how property is handled.
What happens to your home is completely up to you and your partner. In a perfect world the two of you will make a decision, with the help of a solicitor, that you both agree with. This could be one of you remaining in the home, one party buying the other out or selling up. However, divorces are difficult times and tensions can reach a head easily, resulting in a lack of communication about how to tackle assets. In this situation legal professionals will step in to make sure the settlement is fair. If you have children under the age of 18 their welfare is and will be paramount in any legal proceedings.
Exes can try to force you out of the home, but they cannot legally. Until a divorce is finalised you both legally have the right to remain there. Even once a divorce has been granted, you are still not obligated to sell.
If an individual has left the home and there are children under the age of 18 living there, most legal bodies will grant the remaining parent the right to live there. However, regardless of circumstances, exes will be considered and sometimes (particularly if there are no children involved) selling up is the fairer option so that you can both benefit from the capital.
Having an outstanding joint mortgage following a divorce or separation can be difficult. During a divorce the mortgage still needs to be paid, regardless of who is or isn’t living in the property as you are both liable for the debt. Not paying your mortgage can damage the credit history of both individuals and result in repossession if the case were to go to court.
If you are divorcing, let your mortgage lender know. Even if you don’t think you will struggle with repayments, they will be more sympathetic if this were to change if you were honest from day one. Many lenders will arrange a mortgage payment or holiday or give you some breathing space whilst you tackle the situation.
Although it may seem very black and white, most couples have the following options with a joint mortgage property during a divorce:
Sometimes selling the marital home is the result of a separation or divorce. This can be a mutual agreement or an act decided by the courts. Before putting your home on the market, you should consider:
If you would like a quick and simple house sale there is an alternative to the traditional open market route. Get in touch with us today to discover how we can make selling your home, during or after a divorce, as stress-free and seamless as possible, in as little as seven days.
So, if you want an easy and efficient house sale solution following a divorce or separation, simply fill in our enquiry form and we will be in touch before you know it.
Where can I find out more about my property rights during divorce?
When it comes to your rights during a divorce contact legal representation to give you advice and guide you through the proceedings.
Where can I get advice about selling my home due to divorce?
Call us today on 080 278 8006 to get free and helpful advice regarding selling your home following a divorce.
Will my property be split 50/50 in a divorce?
Whilst it is often assumed that all assets are divided equally during a divorce this isn’t always the case. A number of different factors will be taken into consideration, including the welfare of any children aged 18 or under.
Can I remain in the home with my children?
The final decision will either be made between yourself and the other party involved or decided by the courts. The welfare of any dependent children is paramount in divorce proceedings so housing decisions will be made based upon their needs.