The biggest worry that most people have when going through a divorce is ‚where will I live after we divorce?
This along with other similar questions, are often asked during initial meetings with our family lawyers. To further assist you, we have put together areas that a family lawyer and the court would consider when considering a financial settlement.
What happens to the family home after we divorce?
Any arrangements must be fair
It is important to remember that any arrangement, whether made by agreement or via an order made by the court, must be deemed fair to both sides.
To make an accurate assessment of what is considered fair to both parties both spouses must disclose their full financial position. This is often referred to as making a ‚full and frank disclosure, A common misconception is that each partners‚
finances are entered into some kind of mathematical formula, however this is not the case and finances are considered on a case by case basis.
What orders can the court make in relation to the family home?
Transfer of ownership
The court does have the power to order the transfer of ownership of the family home. This can mean that a property that‚
held in the sole name by one spouse, can be transferred to the other spouse.
Retemain in joint ownership
It is possible for the court to order that the home remains in jointly owned but occupied by only one spouse. The court may then stipulate conditions regarding ownership, for example, that the home is sold once the occupant finds full time employment.
The property is to be sold at a certain time
The court may state a date, or a milestone whereby the house should be sold. For example, the court may state once the family‚ children have left full time education, then the home should be sold.
The home should be sold immediately
The court may set out how equity in the property is to be divided on sale and order that the property is to be placed on the market and sold immediately.
Reasonable needs
The court will take into account all of the circumstances of the case, the needs of the children and the reasonable financial needs of each spouse.
This means that if there are not sufficient assets to allow both partners to occupy a home each, in some circumstances the courts may order the shared home is sold, this is to allow for a fair division. In this situation the family home is sold, allowing both partners to possibly purchase smaller properties.
Why you should seek the advice of a family lawyer right from the start
As this article briefly illustrates, what is deemed ‚fair‚ is open to interpretation. As most couples are well aware, divorce cases are regularly featured in newspapers, this is normally when one partner feels the order made was wholly unjust. When this happens, divorce solicitors are needed to negotiate and advise on what is fair and reasonable. To ensure that this doesn‚ happen to you, you should consult with a family lawyer as soon as possible so that all options open to you can be fully explained.
To arrange a confidential, no-obligation initial meeting with us, why not give us a call today?
