Depending on the circumstances, you may not need to sell your house, however this cannot be guaranteed as every situation is different. After the assets of the marriage have been established, the next consideration is how the assets will be divided, including whether the house needs to be sold, or if one party stays in the family home. Sometimes there are not enough assets of the marriage to avoid the family home being sold, as the housing needs of both parties need to be met. Selling the house may be the only way to release the equity so that both parties can use some of the equity to secure alternative accommodation.
In some situations, one spouse may be able to buy the other out of the property, so long as they can afford to take on the responsibility of the mortgage and associated costs of home ownership. Along with the housing needs of the parties, under Section 25 of the Matrimonial Causes Act 1973, the needs (including housing needs) of the children also need to be taken into account. On occasions, there may be an Order for a deferred sale of the property, which means that one spouse is allowed to stay living in the property for an agreed period of time until an agreed event occurs such as the youngest child turns a certain age, the spouse remarries, the death of either party. Once this event has occurred the house will often be put on the open market for sale.
If an agreement cannot be reached amicably between the parties, it may be necessary to go to Court and have a Judge assess all the matrimonial assets and determine how they should be split, including what should happen to the property. In some circumstances, other assets are used to offset the property, such as one party may retain all the savings of the marriage while the other party retains the property.
Matrimonial assets typically include things like the family home, pensions, investments, and savings. Matrimonial assets can also include any property acquired before the date of the marriage if this was purchased for use as the family home, or any furniture that was bought specifically for this residence.
Want to know more about Divorce, Separation, Mediation, and Collaborative Law?
If you are thinking of separating or requesting a divorce, be sure to read our other Blogs for more information.
► If I were to separate or divorce what would I be entitled to?
► If I were to separate or divorce what will happen with the children?
► I want a divorce. What should I do?
► When I divorce will I have to sell the house?
► When we divorce I only want what is fair
Here at Thornton Jones Solicitors our skilled and experienced Family Law team can guide you through the process of separation and divorce. If you would like advice regarding separation, divorce, finances, or children’s matters, please contact one of our offices to arrange an appointment.
Call our Wakefield office on 01924 290 029 Call our Garforth office on 0113 246 4423 Call our Sherburn in Elmet office on 01977 350 500 Call our Mapplewell office on 01226 339 009 Call our Ossett office on 01924 586 466
About Jane Auty
Jane is one of our most experienced solicitors here at Thornton Jones Solicitors having qualified as a solicitor in 1997 and has specialised in Family Law since qualification and is known for providing practical and robust advice in all aspects of matrimonial finance.
She has extensive experience in guiding clients through all aspects of family law breakdown. Jane has a strong reputation for dealing with complex high net worth financial cases frequently where there is an overseas element, business assets, pensions, trusts or a farming element. Jane also deals with pre/post nuptial settlements.
Jane is a trained and trusted collaborative lawyer, from 2006 has assisted clients in navigating their divorce or separation outside the court process. She is committed to dealing with all issues cooperatively and constructively, with a view to reaching a resolution by agreement without the uncertainty, cost and delay of the court process. Jane is a member of collaborative law groups in Leeds and Wakefield.
She is a member of Resolution, which is a body of family lawyers committed to adopting a non-confrontational and conciliatory approach.
Outside of work Jane suffers the ups and downs of being a season ticket holder at Leeds United, is still in love with Bielsa, and is hoping for a swift return to the Premier League. Jane loves attending live music – preferable rock/indie – (nothing mainstream) and can be daily found pounding the swimming pool in an effort to remain fit despite her advancing years.
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