Frequently, the most sensitive issue during a divorce is how to deal with the family home. It is often the most sentimental asset, being a place where happy times were spent and memories made.
If you wish to stay in the matrimonial home our team will do our best to achieve this objective.
However, it is not always possible for either spouse to retain the matrimonial home. In many cases there are simply not enough assets to go around. Equally, it may be unfair for one spouse to have the benefit of remaining in the matrimonial home, especially if it exceeds their needs or they cannot afford its upkeep. In these cases each spouse will need to have a suitable and affordable home.
If there are children involved this could have a bearing on how the matrimonial home is dealt with. The first consideration of the Court is always for the welfare of any minor children. If the matrimonial home is needed to provide a home for the children it could be retained or transferred to the spouse who is their primary carer. The other spouse’s interest in the property could be realised in the future once a triggering event has occurred, such as the youngest child completing full time secondary education. This is not an outcome that is guaranteed in every case involving children and we will advise you if it is relevant to you.
If there are sufficient assets one spouse can buy out the other’s interest. Alternatively, one spouses’ interest in the matrimonial home can be offset against another asset which they own, for example, their pension or a business interest.
If the matrimonial home is mortgaged and an agreement is reached whereby the property is transferred to your spouse, you will not necessarily be removed from the mortgage. We will ensure that your liability under the mortgage is dealt with correctly. Our team will fully advise you about the implications of a transfer of the matrimonial home, whether you are acquiring or transferring an interest.
To ensure that you take the most appropriate steps to secure your home you should seek legal advice.
Please click here to find out why you might benefit from instructing our divorce solicitors.