Divorce: What will happen to The Family Home?
One of the most frequently asked questions in divorce is ‘what will happen to our family home’?
“One common outcome is for the family home to be sold”
Once any associated costs such as estate agents, mortgage repayments and solicitor fees are paid, the sale proceeds are divided between you and your ex.
The starting point is often to split the sale proceeds 50/50.
But arguments can be made to have a larger portion in certain circumstances. This includes things such as if the children will live with one parent or if a large deposit was contributed by one party.
There are however other options available that can be agreed between you or ordered by the Court.
If you have children, you may wish to consider a Mesher order.
This delays any sale of the home and gives a charge back to the other party until a certain event such as your youngest child reaching 18 or finishing their education.
It is nonetheless important to consider how the upkeep of the home will be continued to be paid until this point. And what will happen when the property is eventually sold.
Several other options are also available such as offsetting the property. This means you or your ex keeps other matrimonial assets such as savings or pensions and transfers their interest in your home to the other.”
Divorce is an emotionally traumatic event in the life of you and your family.
Speaking to a divorce lawyer about your options regarding your family home can prove invaluable.
If you would like to discuss this in more details, do not hesitate to contact one of our family solicitors for a free initial telephone consultation.
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