Cohabiting and splitting up? Here’s how to divide your home
Splitting up with a partner is never going to be a pleasant experience for anyone involved. If you own a house together, the process can be even worse, and one that can leave you with a range of long-term issues. This article will explain your options, at every stage of the purchasing process, and can help guide you towards some alternative options, even if it feels like there isn’t an obvious way forward right now.
Agreement before buying
Before buying a property, some cohabiting couples agree that they will either draw up a deed of trust, which outlines what will happen in the event of a break-up, or they agree to buy as tenants in common, which enables them to decide the equity split before the purchase. The reason they do this is because, in the eyes of the law, couples who are not married are not treated the same way as couples who are married. If you buy a house without being married and one of you puts in a larger deposit, for example, that person may not get all of their deposit back if the couple bought as joint tenants.
Selling and moving on
If an agreement does not exist and you are looking at a 50-50 split, you may have to consider cutting your losses and running. A court case is probably going to add problems and expenses to any situation, and it is likely that the party who contributed the higher deposit in an agreement-free scenario would not get their share back. Couples who are in a break-up situation are unlikely to enjoy wading through a long and drawn-out process. Instead, approaching a house buying firm who can release the value of the property and allow all parties to move on is probably the best move to make.
If you are interested in getting a quote for a property you own, NPT can provide you with a very short turnaround, giving you the information and details you need without delay. Just head over to our easy advice page to find out more.