Who Gets The House On Divorce?
7th June 2018
When a married couple separate, they need to decide what will happen to the family home. Not only is it likely to be one of the largest financial assets of the marriage, but it may also represent sentimental value and security for any children.
Legal Executive Liza McCabe explains the options for the family home as part of the financial settlement in divorce and the ways court may approach a dispute.
There are 3 options to consider:
1.The house is sold and the proceeds divided between both parties
2.One person buys out the other spouse
3.The sale is deferred
In deciding which option is best, there are a number of things to consider alongside the financial implications. These include children, schools, support network and work.
Further items to be considered are legal ownership, valuation, sale of the property, transfer of ownership, deferred sale and reaching an agreement. Whatever your circumstances, you should always seek advice from a specialist family solicitor before finalising a financial settlement in divorce to ensure you have protected your long term interests.
For more information about divorce, separation or financial settlements contact Liza McCabe on 01524 32484 or email firstname.lastname@example.org
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