Property News · February 15, 2013

Divorce: what happens to the family home?


When married couples decide to split up, there are options over how they can divide what is typically their main asset”The family home has a special place in any family and in many cases it is the major family asset,” says solicitor advocate Ursula Rice. So it’s little wonder that when a family breaks down, property will be central to a divorce settlement. What happens to an existing home and where one or both partners go next will depend on the divorcing couple.All assets will need to be identified and valued as part of the process of working out what there is to divide up. The home and any other properties will be included in this – regardless of whose name the property is in. “There is no formula in this country setting out how assets are to be split on divorce,” says Nigel Shepherd, a partner and family and collaborative lawyer for law firm Mills & Reeve. “There’s a broad starting point of 50:50 but we look at a series of different factors to try to get to an outcome that meets the needs of the couple and, in particular, any children and is broadly fair (although one person’s fair is often the other’s unfair).” Continue reading…

Source : theguardian.com
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