Divorce
Can you keep your property in a divorce?
A divorce is a very turbulent time and can create many concerns. Our experts explain the most common ways a marital home is dealt with during a divorce.
Being a homeowner is an incredible achievement, especially by today’s standards, but there are several ways in which your home might be owned.
Your family home might be owned:
- By one of you – which means it’s in one of your names
- Jointly, by both of you – there are different forms of joint ownership
- By someone else – for example, a family member.
If your ex-partner (husband, wife or civil partner) owns the family home in their name alone, you might be able to register your interest in it to protect your position.
In a divorce, dividing assets, including property, can be incredibly difficult to navigate. Every case has its own circumstances and because of that, there is not one rule for every case regarding matrimonial homes. There are, however, three possible outcomes.
Selling the house
As with many assets in a divorce, a couple may choose to sell and divide the money made from the sale. Once divided, this money can then be used to buy a new home or apply for a new mortgage.
Buying the home
One of the ways to settle a housing dispute in a divorce is choosing to buy out the other party. This is usually done by paying the other party a lump sum and having the house transferred to them. This would also usually mean the bought-out party is released from any commitments to a mortgage on the property in question.
Staying in the home
There is the potential to stay in the marital home for a time. If there are children involved, one party can stay in the house until any minor children are over 18. After this point, the house may then be sold as mentioned above.
We are here to help
At Slater and Gordon, our family law experts are on hand to
We understand life’s journey does not always go as planned. If you need a solicitor on your side, our expert family law team is on hand to ensure any challenges faced become less overwhelming, so you can move forward with confidence.
Contact us online today.
