The family home is often one of the biggest assets in a family.  For some, the thought of losing it can be devastating but others would prefer a fresh start.

When parties separate there are short-term and long-term implications which need to be considered.

Short term

Who is going to live there and who will meet the mortgage and outgoings or will they be shared?

If one party is struggling and the other is not willing to contribute, then it may be that an application to the Court is required for interim financial assistance.

Long term

A value of the home will be required.  You can either agree this with the other party or engage an expert to determine the true market value.

Once you have this together with the value of the matrimonial pot (the remaining assets) overall, then you can consider various options open to you.

This may include paying a lump sum to the other party out or deferring a payment for a number of years.  In certain cases it may not be possible to retain the home.

Should the title deeds to the family home only list one name, then it is important to take steps to protect your interest by way of an application to the Land Registry.

The particular circumstances will depend upon the specific facts of the case which vary from family to family taking into account the entirety of the assets.

Legal advice is crucial in these circumstances but it is also imperative to obtain financial advice to ensure that any agreement reached is the best which can be achieved.

For anything further, one of our specialists would be delighted to meet you to talk through your options and answer any questions. Please contact us at any time.