Divorce and Property: Who is Entitled to the Family Home?
In short, property entitlement in the event of divorce depends on individual circumstances. Both partners need to work together to decide a divorce and property distribution resolution. If an agreement can be reached, both partners will need to sign a Consent Order. This will then be sent to the courts who will arrange for legal ownership of the property to be transferred or remain with same party.
Should partners be unable to agree on how the divorce and property ownership should be resolved, solicitors will arrange for a mediation between both partners to decide ownership. To find out if you're entitled to take possession of your family home, call Springbok Properties TODAY on: 0800 068 7935 and speak to a member of our award-winning customer service team.
Divorce and Property: How to Split Equity
When it comes to divorce and property, how equity is divided depends on individual circumstances.
For Joint Tenants, any divorce and property equity is split equally. Homeowners that own the property as Tenants in Common must sign a Declaration of Trust deed which states any division of assets is still valid after the dissolution of the marriage. This will be considered alongside other factors when deciding divorce and property entitlement.
Divorce and Property: Legal Rights
One of the key divorce and property questions amongst homeowners is what their legal rights are. Simply put, if your name is one the mortgage then your legal rights are protected.
When considering divorce and property, if you think the likelihood is a permanent separation, and you have already vacated the home, you should register a Home Rights Notice with the Land Registry. This means that the property cannot be sold without your permission.
Homeowners can choose to live in the property until any divorce, annulment or dissolution has been finalised and a settlement agreed.
To find out more about divorce and property, or if you wish for a quick sale of your marital home, contact Springbok Properties TODAY on: 0800 068 7935.