What would happen to the house during a divorce?
In an event of a divorce, it can become quite controversial as to who is entitled to the house and the assets. This becomes the main focus as it is viewed as being the most valuable matrimonial asset to both partners in marriage. To many people, it is recognised that after divorce all assets should be divided equally between husband and wife. This is not the case in law, as the distribution of assets and the home is based on the financial needs to husband and wife individually. It does not make a difference as to whether one person made a contribution to the entire purchase of the home.
Separation Agreement
Couples often assume that there is an equal split of assets; however, this is not the case. In essence, it would be sensible to make an agreement known as a separation agreement, which is a step taken before committing to a divorce. This arrangement states the arrangements of property, finances and children that each individual in marriage are able to propose. This agreement can specify what exactly should happen to the property in various events such as death before a sale of the property, the share of proceeds if it is decided the property is to be sold in the future. This leaves space for mediation and thorough negotiation of the situation to come to a clear conclusion to understand each person’s rights and responsibilities. The separation agreement is not legally binding, however, it may be effective in court, if it is later decided that this matter is to be escalated.
What other options are there in the event of a divorce?
The Court
If it is not possible to come to an agreement, then the court has the power to make the appropriate decision on this matter. The court is able to assess all the circumstances of the case and the needs of each individual before a decision is made on who should get the matrimonial home. If there are any children dependent on the parents, the court will take them into consideration firstly before the partners. Once many factors are considered by the court, there are common orders in regards to the family home that can be made such as:
- The sale of the property and dividing the proceeds
- Transferring the entire ownership of the property from one party to another
- Postponing the sale of the property until a specific date
How can Bond Adams Solicitors LLP help?
Our family law team at Bond Adams Solicitors LLP Family Law and Divorce team can assist you in dealing with issues surrounding divorce on all scales – with offices in Leicester, Birmingham, London and Nottingham – we’re well placed to help you wherever you are based in the UK. It is important for us to understand what specific needs are to be met to draft the correct documentation that both individuals are positive to proceed with and abide by in future events.