When you’re going through a relationship break-up of any kind, it’s a time of great anxiety and uncertainty. But if you’re going through a divorce, things can – and will be – a lot more complex.
Dealing with the aftermath of divorce and separation can have a lot of consequences for your emotional and financial health. A common question that is raised in this situation relates to what will happen to any property that needs to be accounted for in the divorce.
Because there are so many scenarios to discuss and negotiating points to consider surrounding property and other aspects of a divorce situation, this stressful and complex situation calls for getting the right professional guidance to know your options.
Legal guidance is absolutely essential in order to resolve property and financial issues when a couple decides to divorce, and a divorce lawyer has the experience and know-how to explore all available avenues and suggests a settlement that offers the best outcome.
Here’s a lawyer’s perspective on what happens to property in a divorce situation.
#1 – There are a number of potential outcomes and options
One of the most important points to understand is that what happens to property as part of a divorce settlement is not cut and dried. There is a wide range of options and outcomes to be discussed based on the circumstance relevant to the couple getting divorced.
Typical options that a lawyer might suggest would include one of the partners buying the other one’s share of the property without the need to sell the family home. However, it might be that neither is willing or able to buy the other one out. In that case, it is probable that a house sale would be suggested so that the proceeds can be distributed according to the settlement agreed.
It is also possible that selling the family home might be too disruptive for any children who might be affected. Another potential option would be to agree to postpone the sale until the children are older.
All of these things are open to negotiation. If you can agree on an outcome that suits both parties a lawyer should be able to present a settlement that reflects these wishes.
#2 – Will the property be divided equally?
One of the most common concerns people ask is whether the value of the home will always be split equally. The simple answer to that is no. There are a number of different circumstances where it might be decided that one person is entitled to a greater share of the property than the other.
One example would be when one parent wants to continue living in the property with the children, or they need a greater percentage of the proceeds to be able to afford to buy a new family home.
Once all of the matrimonial assets have been valued and calculated that is the point when negotiations as to how things are distributed can proceed.
#3 – Can you lose your rights to a property when moving out?
It is often the case that one person might move out of the matrimonial home when the relationship breaks down. Leaving the property does not remove any rights you have to a share of the value of the home.
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