Your rights to your home after a divorce
A total of 42% of Brits are believed to be in marriages that will end in divorce, and it’s no surprise that one of the main problems couples are likely to face is the issue of how to split up any jointly-owned family property. If you are a caregiver to children, you’re likely to be additionally worried. As well as ensuring that you’ve got somewhere to safely live, you’ll also need to be sure that you’re getting what you deserve financially. This article will serve as an introduction to the issue.
Rights to residence
If you co-own the property, you are entitled to continue living in it in the aftermath of a divorce. If you don’t own the property and it is only in your partner’s name, you will more often than not be able to negotiate with your former partner to leave at a time which suits you both. In the event that your spouse owns the property and makes you leave, it’s important to ensure that you contact a specialist organisation such as Shelter to find out your rights.
In terms of money, it’s important to look at the deeds. If you own the property as joint tenants, you will each be entitled to 50% of any sale after the divorce. If you’re tenants in common, it may have been specified before you married who owned what. While you don’t have the right to “buy out” your partner, which means you take on the whole mortgage in exchange for them receiving their share in cash, this could be an option.
It’s also important to remember that while securing as much of the property’s value as you are entitled to is important, you need to balance that against time. If it looks like a court battle could be on the cards and the prospective value gain to you is relatively small, a quick sale to a home buying group could be a good way to reduce the amount of time you spend on the problem.
Learn more about how National Property Trade can help you to get your home sold in just a few days at this link.