The family home is, for most families, not only a very special place but also their major asset. If you’re facing the prospect of divorce, you may already be very conscious of the fact that your house will be central to a divorce settlement; what happens to the house and where you will both go next depends on you and your partner.
As part of the process of working out what needs to be divided up during divorce, all assets must be identified and valued. Your home and any other properties you own will be included in this, regardless of whose name the property is in.
In this country we don’t have a formula that sets out how assets are to be split during divorce. However, there is a generally starting point of 50:50 but divorce solicitors look at many different factors to try to reach an outcome that meets the needs of the couple and any children, whilst being largely fair.
Different options are available, such as one spouse buying the other out and keeping the property, or the property can be sold and then the proceeds divided. Where children are concerned, one parent will often want to stay in the family home to maintain as much continuity and stability as possible. In this case, the other partner could receive other assets to balance out the distribution, or they might agree to wait to receive the balance until the property has been sold once the children move out, or their ex-partner remarries. There is a downside to this type of arrangement: both parties remain on the mortgage so it can be difficult for the partner who has moved out to get a new mortgage to buy another property.
Working with a team of family law professionals such as Dovetail can help you and your partner through your divorce using the collaborative route. The collaborative route to divorce lets you work out how you will divorce during collaborative meetings; these meetings have proved highly beneficial in helping couples talk through potentially contentious issues such as property – why not contact us to today for further information?