Who Gets the House in a Divorce? Eatons Solicitors Explain

The home is often one of the most valuable assets, both emotionally and monetarily, within marriages and families. The value of assets opens pathways for both parties to meet their housing needs going forwards into the future. When divorce, there are many legal and emotive attributes which contribute towards the property split in a divorce. This includes elements such as financial needs and the involvement of children.

Ideally, all assets would be divided out between the divorcees, including the marital home, even if only one individual contributed to its purpose or acquisition. However, implications can be encountered when going through the divorce, such as the division of the property and its contents.

Different Types of Property Ownership

Where both parties own a property, or they are married both parties have the Right of Entry and Right of Occupation until the property is dealt with ideally in a Financial Order approved by the Court. Once the property is no longer in joint names or the parties are divorced then the joint Right of Entry and Occupation will come to an end.

Involvement of Children

The needs of any dependent children are the first consideration in the finalisation of the division of property on divorce. The financial resources of each party, the standard of living before the breakdown of the marriage and any mental or physical disabilities of either party are amongst other factors which are considered when making a final decision.

How to Keep the House

One of the most common ways of keeping the house is for one of the parties to buy the other out. However, when looking at the overall financial picture, the value of the house would need to be taken into consideration. If both parties can agree on a value for the property, then that can be used for negotiations. After this, the equity of the house can be determined, any Mortgage/Loans which have been taken out for the property being subtracted from the overall value. Another option is to offset the house against other assets which are available e.g. Pensions. There can also be the option to take out further borrowing by way of a Loan/Re-Mortgage to pay the other party out their interest in the property.

Divorce Charge on Property

Charge backs occur when the property is transferred to the person remaining in the property. However, the person not residing in the property has a charge secured against the home, protecting their interest. The order will set out various ‘triggering events’ which encourage a sale in the future. These events often include situations such as a remarriage, death or the youngest child in the family reaching 18.

Legal Advice

If you are seeking advice regarding the division of property during a divorce, we have the professional advice and support you need. Our expert family law Team offers legal advice regarding property, finances, and childcare. Contact our team today to speak to our family law experts.