Do you need to split your assets quickly as a result of divorce and separation?
If you are getting divorced and want a clean, fast split, then you may be wondering what to do about your house.
The former matrimonial home, as a divorce lawyer would call it, is one of the most challenging assets to deal with during a divorce. It is something that a lot of emotional energy goes into, and it is also the highest value asset for a lot of couples.
Tread Carefully When Discussing Property
During the divorce and separation, it’s likely that your relationship with your spouse is already strained. Threaten to take away the stability of the family home and things can become even more difficult. So, while the divorce proceedings are going on, it is important that you tread carefully:
- Continue paying the mortgage and any endowments or insurance policies.
- Do not threaten non-payment as a way to gain leverage in negotiations.
- If you genuinely cannot afford to make the payments, contact the mortgage provider to explain the issue.
- Be sure to seek proper legal advice.
Splitting Assets Amicably
If you are going through an amicable divorce, and agree that you want to split your assets, including the sale of the house, then sit down with a legal professional and discuss your options. Andy has worked with a number of couples in this situation, and has helped them to get a fair price for their property, so they can make a clean break and get a good start on their new lives.
Can You Be Forced to Sell Your House During or After a Divorce?
If the divorce is not amicable, and the courts are left to decide what should happen, then you should not expect a 50/50 split in all cases. The courts will look at several issues, including:
- The welfare of any children in the relationship.
- The earning capacity and income of each partner.
- The financial needs and obligations of each partner.
- The age of each partner and how long they were married.
- The standard of living that the family enjoyed prior to the breakdown of the relationship.
- The contribution (both financial and domestic) of each person.
The courts can apportion assets in any number of ways. They may order the house sold and the finances split. Alternatively, they may say that one person can live in the house, with their children, until the child reaches a certain age. The other partner may retain a financial interest in the property until that time, at which point the property may be sold. This is called a Mesher Order. Alternatively, the courts could ask that a lump sum be paid to the party leaving the house.
If you are looking to sell your property and split your assets as part of a divorce, call Principal Homebuyers today. We would be happy to work with you to ensure that you and your family get the best possible deal, and that the divorce process is as stress-free as possible.
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