I’m Divorcing: What Happens to Our Home?
If you are getting a divorce, one of the most important decisions you might face is what happens to your family house. The answer depends on you, your spouse, and your individual circumstances. We will explain the options available to you in layman’s terms.
Understanding Your Legal Rights
Certain financial ties exist between a wife and a husband that can impact what happens to the property after divorce. If there isn’t a Prenuptial Agreement that states otherwise, both you and your spouse have a right to live in the house that you might have bought using bad credit personal loans even if the name of one person isn’t on the title or mortgage deeds.
So just because you originally purchased the property doesn’t mean that you will have the right to live there alone after divorce or you’ll be entitled to 100 percent of the home’s value. Moreover, don’t assume that you’ll get nothing and be forced to move out of the family home if your name isn’t on the title or mortgage deeds. You have a right to share the assets of your ex-husband or wife, including the family/matrimonial home
There are two ways to determine what happens to the home after a divorce – you and your partner could agree between yourselves or take the case to court and let them make the decision on your behalf.
Deciding the Matter without the Intervention of the Court
If you two plan to decide the matter yourself, you will have the following options:
- One of you stays in the home and buys the other one out
- Sell the home and divide the money as the two of you see fit or according to the Prenuptial Agreement (if there is one in place)
- One of you stays in the home on the basis that it’ll be sold at a later point and the equity will be split
- Part of the total value of the home is transferred into one person’s name, and that person stays in the home. The other person keeps an interest in the home and will be given equity when it is sold.
- The home’s value is transferred onto the name of one person who stays in the home. The other keeps alternative assets with similar value.
If you can reach a consensus with your ex on what should happen to the family home that was bought via bad credit personal loans, you can create a legally binding agreement with the help of a lawyer. If you cannot reach an agreement with your ex, you could take the case to court to have the judge decide what should happen to the home.
Letting the Court Make the Decision
If you take the matter to court, the judge will consider several factors to make a fair decision. The most important thing that’ll influence the decision of the judge is whether you have children or not. The children’s needs are put first, and the intention is to minimize the disruption caused by the divorce on their lives.
Therefore, if you and your ex have children, the court will typically rule that the primary caregiver should stay in the home with the children. The non-resident parent also has a share in the property, so what’ll happen to their share? It depends on the situation.
The judge may rule that the parent living in the home must give a certain amount of money to buy the non-resident parent out. The non-resident parent might be given alternative assets to compensate for their share of the property.
If the home remains in both residents’ names, but the primary caregiver is allowed to live there until their children have grown up, there must be a “Mesher Order.”
If the home is transferred into the resident parent’s name while the other keeps an interest in the home, then there must be a “deferred Mesher Order.”
If you don’t have any children, then other factors like your ages, your earning ability, the length of the marriage, and your standard of living will be considered. The details of the judge’s decision are recorded in a court order. Thus, it’ll be legally binding.
If you cannot come to a consensus with your partner and want to take the case to court, ask for legal advice from a solicitor. A solicitor might be able to help you create a strong case. If you don’t have the money to pay the fees of a solicitor, you could apply for bad credit personal loans. Feel free to reach out to us with any questions about bad credit personal loans.