Divorces can be a particularly rough time, and there are a number of legal and financial issues that couples have to navigate when a divorce occurs.
One of the biggest questions that gets asked is: what happens to a house in a divorce?
The family house is the single biggest asset that will be involved in the divorce proceedings, and it is never a straight forward process when it comes to what happens with it.
What To Do With A House During Divorce
What you should do first very much depends on your individual circumstances, however before you do anything you should contact a solicitor, who will be in the best position to advise you on your options.
Remember that if you still have a mortgage, you are still liable for the debt until you remove your name or the mortgage is paid off.
What Do I Do With My Mortgage In My Divorce?
With regards to your mortgage on your home, you essentially have 3 main options:
- One person buys the other out – only really possible where finances permit
- One person takes on the full responsibility of the mortgage payments
- Both parties continue to make payments as usual
Of course, if you choose to sell you home, you can pay off your mortgage and usually have some extra funds that can be split between both parties.
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What If You Both Own The House Outright?
You legally own a property if your name is on the title deeds, so if a divorcing couple both own the house, you have 4 main options:
- One party can buy the other’s share outright
- Keep the property and change the owner legally
- Transfer all or part of the property to one person in the overall financial settlement
- Sell the property quickly and split the profits equally
Many couples do not wish to stay in the old family house after the divorce, which is understandable. Because of this, selling the home and splitting the profits becomes the best route for them, as it means they both have money to put down on their next property.
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Selling A House After A Divorce
More often than not, couples wish to cash in assets quickly during the divorce proceedings.
Selling your home fast will mean that you have the funds available for your next move right away.
Rather than waiting to sell on the open market, which usually takes months to finalise, you can sell a house fast with us in as little as 1 week.
We can offer you a fair price for your home, with no endless viewings, negotiations and other inconvenience.
Get in touch today for a completely free, no-obligation initial offer to see how much you could sell your home for and you could be on your way to starting afresh after your divorce.