In response to the increasing challenge of Coronavirus and in light of rapidly evolving advice, Tozers has taken steps to ensure that we continue to provide you with our usual client service whilst also maintaining the safety of our clients and colleagues. Please see our full update here.

Complete the form below to ask us a question or make an enquiry. We’ll get back to you via phone or email as soon as possible.

Insights

What Rights Do You Have to the Family Home When You Get Divorced?

Posted on 25th March 2018 in Family Law

Posted by

Aimee Aspinall

Chartered Legal Executive
What Rights Do You Have to the Family Home When You Get Divorced?

The family home is likely to be the biggest asset within the marriage. Both parties have a right of occupation, even if the property is owned in one party’s sole name. Negotiations will need to take place to determine what will happen to the property. There are a few options available:

  • The home could be sold– Following a sale of the family home, the proceeds will need to be divided between you. This does not necessarily mean that there will be a 50/50 split. If a decision cannot be reached as to the split of the proceeds then it is likely that they property lawyers will hold the funds in their account until there is either an agreement or sealed court order. In the event the home is sold both parties will need to find new accommodation. If there are children then their needs will need to be re-housed will take priority.
  • A “buy-out”– If there is insufficient equity in the property to re-house both parties then they will need to look at options of mortgages or rental. Much will also depend upon whether either party can obtain a mortgage and, if so, whether it would be enough to buy the other party’s share from them. There may also be an issue if your mortgage company is unwilling to release one party from their mortgage obligations. It is essential to check the willingness of the current mortgage provider to release a party at an early stage.
  • A “Mesher” Order– This means that the parent caring for the children can continue to reside in the home until an event takes place to trigger the sale of the property. These “trigger events” are usually:
  • The youngest child reaching the age of 18 or finishing full time secondary education
  • The spouse in the home remarrying
  • The spouse in the home cohabiting with a new partner

Consideration would need to be given as to who would pay the mortgage and other payments if only one spouse is getting the benefit of the property. After the trigger event occurs the property would be sold and the sale proceeds divided between you as mentioned above.

Matrimonial Home Rights

The family home is a matrimonial asset and therefore even in the event that the property is owned solely by one spouse, it is still taken into consideration with jointly owned assets. Where it is the case that one spouse owns the property it is advisable for the non-owning spouse to safeguard their interest in the property during financial negotiations by registering a Home Rights Notice at the Land Registry. This simply means that the owner cannot sell the property (and/or dispose of the sale proceeds), transfer ownership to someone else or remortgage while financial negotiations are taking place. The owner will be notified by the Land Registry that a Home Rights Notice has been registered.

If you need any advice or guidance regarding anything mentioned above, then please do not hesitate to contact our experienced team of family law solicitors in Devon on 01392 207020.

Company & Industry

Related Insights

Insights

What will happen to my business after I die?

Posted on 20th May 2020 in Later Life Planning

If you run your company by yourself, perhaps as a sole director and shareholder, your hard work in building up your business will have cost you many hours of time and sleepless nights. But have you set up your company in such a way to allow it to keep trading after your death?

Posted by

Rachael Morley

Associate and Solicitor
Insights

Why you should think about putting in place a Lasting Power of Attorney for health and care decisions

Posted on 14th May 2020 in Later Life Planning

The experience of caring for and seeing a parent or other loved one suffer for a prolonged period in the final stages of life, even when the grief has passed, causes many individuals to want their journey to be managed differently.

Posted by

Lucy Lamb

Solicitor