House sale proceeds after a divorce
Divorce is a common occurrence these days, and it’s widely accepted that when relationships break down, it can be best for all parties to move on. Depending on your relationship with your former partner, your divorce might be going well, or it could be acrimonious. Whatever your personal circumstances, it is vital to have the information you need at your fingertips, to be prepared for any eventuality. If you’re one of the just over 100,000 Brits who experience a divorce every year, then you need to know your rights and responsibilities when it comes to disposing of the largest marital asset: your home.
Pre-nuptials and deeds
In some cases, you may have decided to engage the services of a solicitor prior to your marriage and drawn up plans on how to split the value of the house in the event of a sale. This is usually referred to as a prenuptial agreement, or in the specific case of homes, as a deed of trust.
It is common for this to happen in cases where one partner has put down a higher percentage of the mortgage deposit than the other. There are a number of ways in which this could be arranged, although the agreements usually afford one party the right to take out a percentage of the sale proceeds proportionate to how much they put in. If one of these is in place, then the situation may well move faster as a roadmap will already be in place.
Fair and square
It’s also important to remember that even if a pre-nuptial agreement was in place, it does not necessarily stand up in court. Divorce courts recognise that married couples work as teams and that it’s not all about money: even if you were the household’s sole earner and your spouse stayed at home, they still may have contributed to the life and running of the household either through childcare, DIY, housework or something else. Negotiating an arrangement based on these facts before getting to court could well save trouble, money and heartache. The more organised and prepared you are for these arrangements, the less likely you are to cause unnecessary strife and difficulty with your partner.
Our award-winning, industry recognised home buying service could be just what you need if you’re looking to sell your home fast. Find out more here and make sure you’re fully prepared for what life may throw at you.