Divorces are painful for all parties involved, from the two people who choose to separate and their kids. There is often bitterness before, during, and after the process. Divorce involves many settlements — financial, property division, custody of children, the responsibility of dependents, and more.
In the UK, there are guidelines for various distributions, and here are the most common ones.
Ownership of Property
During a marriage, it is not uncommon for couples to make purchases together, such as vehicles and a new home. Husband and wife jointly hold this property, and they both make use of material items.
If the property is jointly held and both the partners are earningan income, that implies that the mortgage, too, must be paid together in normal circumstances. Or, it can be borne by anyone whose income is higher.
In these types of situations, the judge ascertains who has more stakes in the property and divides it accordingly. On average, the ruling is 50/50. However, there can be special case rulings that have a different outcome, depending on the unique circumstances.
Who Gets the House?
If both you and your spouse’s names are on the mortgage, then you are jointly responsible for paying said mortgage. That does not mean that you are both liable for mortgage repayments; instead, it means that if you or your former partner does not pay their share, the other party is responsible for all of it.
Thus, it’s important to have an open dialogue early on about who is going to pay the mortgage when you separate if there is joint ownership of the home. Always speak with a reputable law firm like Jordans Solicitors before making any changes about the agreement that is in place.
When the time comes for the judge to decide who to give the residence to in a divorce, if there are kids involved, then the judge will consider what is best for the children’s welfare. The earning capacity of each of the parties is one consideration, as is the conduct of each person.
After weighing the facts, the Court will come to a decision about the family home. There are several possible outcomes.
Firstly, the Order could be to sell the property and divide the money from the sale. Another outcome is to transfer the legal and beneficial ownership from one party to the other. The third one is to postpone the sale to a certain point in time, such as when the children are legally considered adults.
Final Words on Property Division when Divorcing
There is no clear-cut answer to how the Court will decide how to divide property when you and your spouse determine that adivorce is the next step. However, having a competent lawyer who has your best interests in mind and experience in this area of law will help you to get a result you consider to be favourable. As laws frequently change, the attorney will keep you updated on the latest regulations where you live and act on your behalf in Court.