The family home is often the most valuable asset within the marriage. In a Divorce, many legal and emotive attributes contribute towards the property split. This element includes the financial needs and the involvement of children.
In divorce proceedings, all assets would be divided out between the divorcee, including the matrimonial home even if it was one person who contributed to the acquisition of the family home.
Where both parties own the property, and they are married, they both have the Right of Entry and Right of Occupation until a financial order is approved by the court. It is when a financial order is in place, and property no longer in joint names when the Right of Entry and Occupation comes to an end.
Involvement of Children
When children are involved in a divorce proceeding, they are the first to be considered in the finalisation of the property that will be divided. To this end, the court will take into consideration, the financial resources of each party, the standard of living of the parties before the breakdown of the marriage and any mental or physical disabilities.
Divorce Charge on Property
Chargeback on a property is when the property is transferred to the remaining person at the property which had been ordered by a court order. However, the person not residing in the property has a charge secured against the home, protecting their interest.
Further to the above, the order of the court will set out triggering events, which will encourage a future sale of the property. These events can be when death occurs, youngest child in the marriage attaining the age of 18, or remarriage.
Buy out approach
One of the most common ways of keeping the family home is for one party to buy the other out. However, for this to happen the overall picture of the value of the property would need to taken into consideration.
If you are seeking advice regarding the division of your property during a divorce, get in touch with the firm of Adel Jibs & Co Solicitors on 02034173859 or email us at firstname.lastname@example.org and we will be able to help you today.
Disclaimer: The information on Adel Jibs’ website is for general information and does not constitute legal advice and should not be treated as such.