Going through a divorce can be a very turbulent time, as there are so many emotions, legal documents and future prospects to think about. Here at We Buy Any House, we have created a short guide on what happens to a house during divorce.
What is Divorce?
By definition, divorce is essentially the dissolution of a marriage which is completed by a court or another competent body or individual. Divorce terminates the matrimonial union between two people, dissolving the matrimonial bond under the law. Divorce is different from separation or annulment, as annulment declares a marriage void, and the couple will stop cohabiting. Divorce can happen for a number of reasons, including:
- Money issues
- Cheating/ adultery
- Existing in a loveless marriage
- Lack of sexual intercourse
- Various unreasonable behaviour
What Are the Common Outcomes for the House During Divorce?
Due to the way divorce laws work in the UK, no two divorce cases are the same. However, to provide some stability into the way divorce law works, there are common practices that occur. These include:
- Directly splitting the house between you and your partner (although this split doesn’t have to be 50/50)
- A partner remaining in the property until conditions are met, such as when the child turns 18- after which the house can be sold.
- ‘Buying out’ the other partner. This means you can remain in the house and the property won’t need to be sold. However, this will often require a new mortgage.
- One partner is able to stay in the house, and the other will receive a lump sum, which is essentially the ability to retain a stake in the house.
Identifying and Valuing Assets:
Throughout the process of divorce, you will have to undertake the task of dividing any shared assets between both parties. In order to complete this, you will have to arrange for a solicitor to come and assess your property. Even if the house is in your name, this won’t have any impact on who gets the house after the divorce has occurred. You firstly have to settle the combined total of your property.
You Could Opt to Sell:
If you’re both looking to embark on a fresh start, then a viable option for you is to sell your property and move on. With the help of a sale, you have the option to sell the property and divide any remaining equity on the property- which may be a better option. However, it’s important to note that your home may not sell immediately, and that it may take some time for the funds to go through- which would cause further delays.
Undertake a Mesher Order:
If there are children involved in the divorce, then the assets may be divided towards the partner that is undertaking the majority of custody. Under British law, the interest is to minimise disruption amongst the children’s lives as possible, so regardless of which name the property is in, the property will sway in the other favour until the children turn 18.
This article was written by a quick house sale company We Buy Any House. If you’re wondering “how can I sell my house fast?” or “how can I get someone to buy my house?”, head to the We Buy Any House website for more information relating to all property related enquiries.