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Protecting your home and family with the right insurance policies. If you are getting divorced or dissolving your civil partnership, one of the biggest financial decisions you could face is what happens to the family home. Find out what you need to do and what your options are.
This article is aimed at separating couples who are trying to work out what to do about the family home. If you are in the early stages of divorce or the dissolution of your civil partnership and want some information about protecting your rights to live in the home, read our guide Protecting your home ownership rights during divorce or dissolution.
When you divorce or dissolve your civil partnership, there are several options you have about what you do with the family home. This can put off the sale of the home until a specific event triggers the sale — for example, the youngest child turns 17 or If you decide to transfer the home to one of you, it should be valued on a date that you and your ex-partner husband, wife or civil partner agree between you.
If you have children, especially if they are young, Buying someone out of a house during divorce dating court will take into account the fact that they need somewhere suitable to live with each parent. The approach taken by the court does vary slightly around the UK and the eventual outcome will also depend upon your own individual circumstances. Many couples who have a joint mortgage and who divorce or dissolve their civil partnership try and sort out the mortgage so that only one partner has their name on it.
If you want to take over the mortgage in your name alone, the lender will want to make sure that you can afford the payments.
Under Financial Conduct Authority FCA rules, lenders must ask in-depth questions and carry out more checks to make sure that you can afford a "Buying someone out of a house during divorce dating." Becoming a guarantor is a serious legal step as it means you are responsible for paying the whole mortgage if the mortgage borrower cannot. Make sure the would-be guarantor takes independent legal advice and talks to a mortgage broker before they agree to anything. Find out about a clean break or spousal maintenance in England, Northern Ireland or Wales, or a clean break or periodical allowance in Scotland as part of your divorce or dissolution financial settlement.
Dividing the family home and mortgage during divorce or dissolution If you are getting divorced or dissolving your civil partnership, one of the biggest financial decisions you could face is what happens to the family home. Securing the rights to your home Understanding how the home can be divided Prioritising the needs of your children Sorting out a joint mortgage Securing the rights to your home This article is aimed at separating couples who are trying to work out what to do about the family home.
Understanding how Buying someone out of a house during divorce dating home can be divided When you divorce or dissolve your civil partnership, there are several options you have about what you do with the family home. You might decide to: Sell the home and both of you move out. Arrange for one of you to buy the other out. Keep the home and not change who owns it. One partner could continue to live in it, perhaps until your children are 18 or leave school.
Transfer part of the value of the property from one partner to the other as part of the financial settlement. This means that when it is sold he or she will receive a percentage of its value. The net sale proceeds are then divided in accordance with the court order. Dividing and valuing the home in Scotland The value of your home will be taken into account when working out your financial settlement if: This includes trying to disrupt them as little as possible.
Sorting out a joint mortgage Many couples who have a joint mortgage and who divorce or dissolve their civil partnership try and sort out the mortgage so that only one partner has their name on it.
The advantages of doing this are: Both partners might be able to break the link that ties their credit files together. If you have a joint debt with your ex-partner such as a mortgage or a loanyour credit files are connected. That means how you manage your debts will affect your ex-partner if he or she applies for credit, and vice versa.
Read more about your credit report in How to check your credit report. Find out more in How much can you afford to borrow for a mortgage. Our guide on Finding the right mortgage deal can help you decide. Did you find this guide helpful? Thank you for your feedback. Related guides Divorce and money calculator Dividing the family home and mortgage during separation if you were cohabiting Protecting your home ownership rights during divorce or dissolution.
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