Dealing with a property when separating
There is a lot to know about properties when it comes to divorce or ending a civil partnership. This section aims to help couples understand how a property can be divided.
When divorcing or ending a civil partnership, the biggest financial decision in most cases is how to deal with the family home.
Dividing property when separating is always difficult and legal advice should always be sought where possible. This section on property and separation will give you the base knowledge you need to understand your rights and how property can actually be divided.
Understanding how properties can be divided
You have several options when it comes to dividing the family home. We have outlined some of the outcomes you may decide to do;
- Selling the property – Both parties would move out of the family home and the money raised would go towards buying a new property for each person, if you can afford to do this.
- One party decides to buy the other out of the mortgage.
- Transferring part of the value – This involves one party ‘giving up’ their ownership rights to the property but keeping an ‘interest’ in the home. When the property is sold they would receive an agreed percentage of its value.
- Keep the home and ownership rights as they are – This is a common agreement reached when there are children involved. The home could then be sold when children turn 18 or leave school, depending on your agreement.
The family home will always be included in the matrimonial pot when it comes to agreeing to a financial settlement.
What you may not know is that if you don’t apply to the court to separate your money and assets, then financial commitments continue years after obtaining a divorce. You need to apply for a financial order, which would include a breakdown of how money and assets are to be divided.
Living Together When Separating
Many couples separate whilst living together due to money or children issues, but how does it work when it comes to divorce?
You are entitled to divorce when living together but there are various rules you must abide by in order for a judge to grant the decree absolute.
Divorcing when living together can be difficult. Find out how you can separate your property following a divorce when living together.
How To Separate Properties?
If you own a property then it’s likely the most important asset to divide in a divorce.
There are various ways that a property can be divided as we’ve outlined above.
The way your property gets divided will depend on your overall financial settlement and how other money and assets are to be divided.
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