Property Division in Divorce: How to Fairly Divide Your Assets
Property is one of the biggest assets you will acquire in your lifetime. If you have purchased a property with your significant other and then proceed to get divorced, you need to calculate how the financial wealth is going to be divided.
It’s often easier for you to work out how you are going to divide your assets before you go ahead and apply for the final order of dissolution, or a decree absolute. The timing of sharing your assets is also very important as this will impact how much tax you pay.
How is Property Divided in A Divorce?
For a lot of couples, the family home is the biggest asset that they own. The question of “who is going to keep the house” will often cause a lot of disagreement. So, how is property divided in a divorce?
How to Divide Property in a Divorce
If you solely own the home, then the court may alter this, and they have the power to transfer the property into the ownership of either party. If your divorce involves children of a young age, then they will need to have somewhere they can say with both parents. If your divorce ends up going to court, then this is a major factor that will be taken into consideration.
So, what options do you have when it comes to asset division? To start with, you can sell the home. Both of you will then use the money to fund a new place to live. One person can also buy out the other. Lastly, you can keep the home jointly and then sell it later. If you want to find out more about property and divorce, or if you need legal help in regard to how to divide property in a divorce then carry on reading.
Am I Entitled To Half The House If Married?
A lot of people ask, “am I entitled to half the house if married?” and this is understandable. As a rule, if you are married then you are entitled to half the house. If you, for some reason, are not entitled to half the property then you may be wondering “what am I entitled to in a divorce, if not the house?”. In instances like this, it’s best to work with a professional as they can help you with your divorce settlement, as well as ensuring that your divorce settlement agreement is fair. The assets you get may depend on your rights for divorce, so be mindful of this if you can.
Getting Expert Help when Dividing Assets in a Divorce
If you need help dividing assets in a divorce then the best thing you can do is hire a professional. By doing this, you can ensure the transfer of property ownership after divorce UK, and you can also feel confident knowing that you are going to be getting a fair settlement.
For more advice about property division or to book a free initial consultation, please get in touch with one of our family solicitors today.