Table of Contents
This is a collaborative post.
No one builds a family expecting for it to break. Whether newlyweds recognising their irreconcilable differences, or an established family unit slowly being pulled apart by actions of one party, divorce is ultimately the best outcome for many families in the UK – even if it isn’t the outcome any one person expected from the outset.
Wise as it may be to divorce, the process itself is not known for being especially fun. There are many legal and logistical wranglings to manage, particularly where children and custody considerations are involved, which can cause strife in their own way as things progress. In the middle of all this is the asset-based elephant in the room: your family home.
The family home is near-irrefutably the biggest asset involved in a divorce. It is also, naturally, a source of particular emotional attachment for most, and hence can cause undue friction in multiple different ways during the divorce process. Here, we will explore what it means to deal with a primary property as a divorcing couple, and how best to protect your rights with respect to the property as you continue down this path.
Ownership and Rights
First, it’s important to establish some basics about property and home ownership. Simply put: who owns the house on paper? The answer to this question might lead you to some premature conclusions about your rights in the divorce, but read on first; you may be surprised by your entitlements.
Most family homes are jointly-owned, by virtue of both spouses putting deposit money forward and paying the mortgage together. In this scenario, you are likely ‘joint tenants’ by law, and hence each entitled to 50% of the property’s value if it sold. You could sell the house and divide the proceeds, or one spouse could buy the other out of their share.
As in some fringe cases, you may be ‘tenants in common’ – a legal agreement which recognises one spouse owning a larger percentage of the house than the other, by virtue of paying more deposit or more of the mortgage. This, of course, would skew your entitlements accordingly.
Even if the home is solely owned by one spouse, the other continues to enjoy ‘home rights’, meaning a right to continue living in it – and to knowledge of your spouse’s intentions when it comes to selling or transfer. From this, there is the possibility of financial settlement despite the lack of equity held.
Post-Divorce Arrangements
How you manage the handling of your family home post-divorce is heavily overseen by the courts, but ultimately a decision between the two of you. You both retain the right to live in it, and home rights enable any non-equity-holding party to stay in the loop similarly. The three essential options are to sell up, transfer the home to one spouse pursuant to financial settlement, or to live as normal, but separated.
Protecting Your Interests
Protecting your interests in divorce is very much a legal consideration, and one for which you should have specific assistance. For instance, you’ll need to register your home rights with the Land Registry in order to protect them ahead of divorce – something you may need advice on doing. Likewise, you’ll need the right counsel to advocate for your next steps as a divorcing parent.