Selling a Family Home as Part of a Divorce

Selling a Family Home as Part of a Divorce

Divorce is complicated at the best of times, even when both parties are separating in an amicable way. Things become more complex when you take into account any children that are a part of the marriage, and property owned as a partnership. Selling a family home during a divorce brings about many different emotions and issues, and it is important to have guidance from divorce specialists that can take a clinical and critical look at the situation and provide the most effective route forward for you as an individual.

Timing is key to any successful break in partnership. If you are in the early stages of a divorce or your civil partnership is heading for dissolution, there is no better time to seek legal advice regarding the sale of the family home. It is prudent to think about protecting your home ownership rights during this whole process, and to ensure that both parties have been dealt with fairly when the dust has settled and the ink is dry on the divorce papers.

Ways to Divide a Family Home During Divorce Proceedings

There are a number of options open to you when discussing the outcome for the family home during a divorce or dissolution.

Sell the Family Home – It might be decided that the best option is for both sides of the divorce or dissolution to move out of the house and then to sell the property. In these instances it raises the prospects of the sale funds being used for both parties to buy another home if possible.

A Buy-Out – In this scenario one of the partnership will decide to carry on living in the home, buying out the other to ensure that neither person has been left with nothing to show from the property post-breakup. This will involve changing a mortgage should a joint mortgage be listed for that property.

One Person Stays – This choice suits those with children as it can mean that ownership of the home remains the same and there is no sale. One partner stays living in the property, maybe until the children are old enough to move out at 18.

Financial Settlement – The final option is that part of the value of the property is transferred from one person to the other. The individual who gives up their part of the ownership rights would still receive a percentage of the sale value in the event of the property being sold in the future.

Look After the Children

Whenever a divorce or dissolution involves children, they should be the priority when discussing the family home. Most divorce cases won’t get to court, but the law in the UK will want to ensure there is somewhere suitable for children to live with both parents, and a stable family home that they already feel comfortable in, will be looked at as a positive thing. A divorce should disrupt the lives of the children involved as little as possible.

Divorce is complicated and with the right legal advice you can untangle the mess and make sure that you and your children are looked after correctly in terms of the family home during the separation process.

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