Selling a house in a divorce
When getting a divorce there are common questions surrounding the splitting of assets:
- Sell the house?
- Buy the other out?
- keep the property?
- What if we can’t agree?
- Is it always 50:50?
- Which is the best company to sell a house quickly?
Who gets the house in a divorce?
The house is normally the largest asset shared in a family. In a lot of cases the home is sold because running costs of a home on single income can be hard.
You would assume that the house is automatically split 50/50. However there are factors that affect the decision, how long you have been married, who can support themselves and who owns the property.
It is cheaper if you can agree on how to split your finances without having to appoint solicitors or attending court.
If the property is owned in one name it does not mean that person will automatically keep the house. So, it’s important to know your rights. Factors to consider are:
- How old is each person?
- Are the children 18?
- Which parent will the children live with?
- How long has the couple been married?
- Who contributed what finances?
A family with children, who gets the house?
Here are some of the options you can consider:
- Keep the home. Both parents staying owners.
- Sell the house and divide the assets.
- One partner can buy the other partner out, so the children can stay in the home.
- Interest in the house can be transferred from one person to another. They will still be entitled to their share of the house once it’s sold.
- You could defer the sale with a Martin Order. This entitles one parent to stay in the property for life or until they remarry.
Should I sell my house before or after a divorce?
There are upsides and downsides of selling the house before the finalization of a divource. If you decide to sell before the divource this gives both parties time to agree what happens. A swift move now will lead to a clean break, so you can move on.
Selling the home after a divource would usually need both sides to be speaking to each other. If you wait until after the divorce has finalised, you may end up with an ex partner who’s happy to stay in your home, with no need to move out.
Your rights to the property
If the house is registered solely in your partner’s name, protecting your rights is important.
The Family Law Act 1996 gives homeowners rights to:
- Stay in your house until a court order excludes you from being there.
- Be notified of any repossession action taken by your mortgage lender.
- If you have moved out, enable the court to allow you to return to the property.
- Pay the mortgage and avoid repossession if your ex partner stops making payments.
Who pays the mortgage during a divorce?
Anyone named on the mortgage is responsible for the repayments. So, even if you’ve moved out, you will still be responsible for paying the mortgage.
Removing your name from the mortgage after divorce can happen in different ways. If you meet your mortgage lender’s criteria, you may be able to remove your name via a Transfer of Equity, switching the joint mortgage to a single mortgage.
You could also consider your ex-partner might buy you out; or give you a part of the property’s value, meaning you keep part of the house until it is sold.
If you’re looking to sell your property so you can go your separate ways and want it dealt with quickly and easily, contact us at Swift Move Now today for a free offer on your property.