Family and Divorce - Property
The matrimonial home
In most cases the matrimonial home will be the main asset in divorce proceedings. A decision will need to be made as to what will happen to the matrimonial home upon separation. The main options available are for the property to be sold and the sale proceeds divided between the parties, or for the property to be transferred to either spouse / civil partner, usually with the other being released from the mortgage and having a lump sum of money paid to them.
A key factor in dealing with the property is the housing needs of the parties and the children. Having taken these factors into consideration appropriate advice can then be given.
If the property is to be transferred to either party it will usually be on the following basis:
- in return for a cash lump sum representing the leaving party's interest in the property;
- transfer of the property to one spouse / civil partner with the departing spouse / civil partner not receiving anything in return;
- transfer of the property to one spouse / civil partner with the departing spouse / civil partner keeping a percentage interest in the equity in the property to be received in the future upon sale of the property or dealing with the property.
Contents
The issue of who will retain the contents of the matrimonial home often arises. The cost of contents can sometimes run into thousands of pounds and it must be remembered that litigating over such items can often be expensive. We aim to avoid having to deal with the issue of contents through the courts preferring to attempt to negotiate an agreement between the parties. This is normally done by the parties preparing lists of the items they wish to retain and then entering into negotiation with the other spouse as to who will keep what. If negotiations are unsuccessful the courts can be asked to intervene.
