What happens to the matrimonial home during the divorce process?
Posted on 16th January 2020 at 09:34
For many people the matrimonial property is the biggest asset, possibly the only asset. It is not only a financial asset but the place where they live. It is therefore the subject of much litigation.
A valuation of the matrimonial home will need to be agreed or obtained regardless of whose name the property is owned in. The court has power to make orders in respect of property no matter whose name it is owned in.
There is no set formula setting out how assets should be split on divorce but there is a broad starting point of 50:50. A number of factors will then be considered to try and reach an outcome that meets the needs of both parties and any children of the family.
There are a number of options available - one spouse can buy the other out and keep the house, the property can be sold and the proceeds divided, or there can be a deferred sale of the property, maybe to provide children of the family with continuity. In this case if there are no other assets for the party vacating the property to be awarded, they may have to defer receiving their interest in the property until it is sold when the children move out or the party in occupation remarries.
In order to fully explore these options it is important to obtain a valuation of the property and ascertain your mortgage capacity as early in the proceedings as possible.
Contact our team on 0113 2007480.
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