What happens to property after divorce?
3 weeks ago Byram Charity Comments Off on What happens to property after divorce?
Discussing divorce and property can be a complex matter, which will likely need to be dealt with by specialised solicitors. Working out whether you or your soon to be ex-spouse should keep your family home after you divorce can be a whole lot more complex than deciding who keeps shared cars, furniture and other belongings. The family home is often filled with special memories, for example you may have brought your children up together in there, so it makes sense that sometimes there can be disagreements over who “deserves” to stay in the property.
Shared ownership of a home
What happens to property after divorce can be a very complicated if you and your spouse are both listed on the title deeds because you share ownership of it. If you are ending the marriage amicably, it could be a good idea for you to arrange a joint tenants’ agreement in order for you and your spouse to both own your home equally. If you choose to do this, when one of you dies the other person will automatically inherit the other’s half of the property regardless of any wills that are in place.
Children, property and divorce
If you and your spouse have children and are getting a divorce, you will have to come to an agreement covering how they will be looked after and where they will live. This can sometimes be dealt with as a separate matter to property, but if there is a dispute over the family home, who the children should live with and where they should live can be included in this dispute, and hopefully resolved at the same time.
Sometimes the court will grant ownership of the family home to the children’s primary caregiver, however this is not always the case. This is because they will make their decisions that are in the best interests of any children in a way that creates minimal disruption in their everyday lives. Because child arrangements and property in a divorce can become so complicated, it’s a good idea to get a divorce solicitor involved as soon as possible to avoid disruption and tension in the family.
Options you have
When it comes to what happens to your property after your divorce, it really does depend on your circumstances. However, below are the three most common routes to go down:
- Sell the home and split the profits
- Keep the home and buy your spouse out of their side of the mortgage
- One of you keeps the home and the other is given assets of equal value, such as vehicles, timeshares abroad, or furniture
If you and your spouse really cannot come to an agreement and have exhausted all mediation attempts, your solicitor will be able to represent you in court in order to come to some arrangement surrounding the family home. This is not always the nicest way of dealing with property after a divorce but is sometimes necessary.
Financial settlement agreements
As well as sorting out who will get the family home when you and your spouse divorce, you need to sort out your money and pensions. You need to do so because the act of divorce itself doesn’t end the financial relationship between you and your spouse.
In order for your money and pensions to be sorted out, you will need to reach a financial settlement with your spouse. This settlement then needs to be turned into a court order called a consent. The court order can also sometimes deal with property and child maintenance issues, but this will depend on how you reach your settlement. You can get a financial settlement at any time during your divorce proceedings, but it’s a good idea not to leave it too long. The grounds cited for divorce will not have an impact on the financial settlement consent order.