Family Home and Other Real Estate During Divorce
Money aside, the family home is where memories are held, children live and learn, and people feel most at ease. Therefore, when it comes to advising on how the family home and other real estate should be divided in a divorce financial settlement, our Solicitors are sensitive and compassionate to the emotions involved.
How RVS Solicitors Can Assist Your Divorce Property Settlement
RVS Solicitors are a law firm with a difference. We are a paperless office, and every one of our team is devoted to providing quality legal advice. At the front and centre of everything we do is client care and service. We will take the time to discover what you believe is the best outcome for you and your family, then tailor our advice and representation to ensure you achieve it.
As members of Resolution, we follow a Code of Conduct that focuses on resolving family law disputes in a non-confrontational manner. However, if going to Court proves inevitable, we will tenaciously fight in your corner to protect your best interests and achieve your desired result.
Frequently Asked Questions (FAQS)
Is it inevitable that the family home will be sold?
Whether or not your main residence will be sold upon divorce becomes part of the financial settlement negotiations. In an ideal situation, there will be enough equity in the property for it to be sold and the profits divided so you and your ex-spouse can purchase your own homes. However, life is rarely that simple. For example, you may have teenage children for whom moving home, and potentially schools could be incredibly disruptive to their exams. In this type of situation, it is common to allow the parent with whom the children predominantly live with and the children to remain in the house until an agreed time; for example, the youngest child finishing school or turning 18 years. At that point, the home will be put up for sale and the capital split.
What is a Property Adjustment Order?
The Court has wide-ranging powers when it comes to dealing with real estate in relation to divorce. It can grant the following types of Property Adjustment Orders:
- Transfer of property – property can be transferred from one party to the other, with or without payment of a lump sum in return.
- Sale of property –an order can be made for the immediate or delayed sale of a property and also how the proceeds of the sale will be divided.
Our family law team, led by Rakhi Singal, whose calm, dedicated manner has made her one of the most respected family law Solicitors in London, will explain the options regarding applying for a Property Adjustment Order to you and ensure you fully understand the long-term effects on you and your children.
I own a property which was purchased prior to getting married and is in my name. Can my spouse claim a share of it in a financial settlement?
If you owned property prior to getting married and you do not have a pre or post-nuptial agreement in place, it is likely the house will become part of the financial settlement, even if yours is the only name that appears on the title. When considering how to divide up matrimonial property, the Court will consider the factors listed under section 25 of the Matrimonial Causes Act 1973. These include (but are not limited to); the length of the marriage, the financial needs of the parties, the standard of living enjoyed by the family during the marriage, and the contributions each party made to the relationship (this is not limited to financial contributions).
Using alternative dispute resolution methods such as round-table negotiation and mediation, Rakhi and her team will help you and your spouse work out a financial settlement between yourselves. This could result in you being able to keep your home in exchange for taking less of a share in other assets, for example, your spouse’s pension.
Our family lawyers will assist you in finding a solution to dividing your family home and other real estate in a calm, respectful, fair manner.