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Unsurprisingly, the fate of the family home is a major concern for divorcing families. Husbands and wives may have conflicting interests – one party wanting to sell the home to realise its value and the other wanting to continue living there - so this crucial issue is often one of the first things discussed when the separating couple begin working out their financial settlement.

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Property & Divorce – What You Need to Know? 

The pressing issues to be considered typically include:

  • The least upsetting and disruptive place for the children to live.
  • Whether the family home should be sold now or later.
  • If and when the house is sold, whether this will result in sufficient funds to pay for two new homes.

These can be challenging questions, especially if the value of the family home is not exceptional and the couple’s overall earnings are average. It is often quite tough to finance two households on the money which was used to finance just one before a divorce. Crucial factors here include:

  • the status of the mortgage
  • the ability of each partner to secure a new mortgage
  • the overall contributions made by each partner during the marriage
  • the overall value of the home

Even if your spouse owns the family home in their own name, it will still be considered part of the marital assets and therefore able to be divided on divorce. This means that you may be entitled to a share depending on the length and circumstances of your marriage. That’s why it’s so important to seek expert legal and financial advice.

These issues could affect the rest of your life: don’t lose out. The expert and friendly specialists at Atlas Law Solicitors will guide you through all these minefields – and onwards too, right through to your decree absolute and beyond. Call them today on 020 7993 8880.  Alternatively, email info@atlaslawsolicitors.com

Financing may be available if you are concerned about the potential costs of legal advice.

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