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Property concerns upon marriage breakdown

04 September 2008

 Property concerns upon marriage breakdown
 
At a time when the news appears to be dominated with talk of the credit crunch and a possible recession, those of you contemplating or part way through a divorce may be feeling more than a little apprehensive about how your assets and income will be affected. The most important asset which is at the forefront of most people’s minds during a divorce is the matrimonial home.
 
What will happen to my home during the divorce process?
 
Whether the house is jointly owned or owned in one parties name only both of you will be involved in agreeing the value. Usually an independent valuer will be appointed and your solicitor will help you with this. The valuer will take into account the state of the market at that time and as we are told property prices are dropping sharply it will be important to keep the valuation under review so that you can be sure you are making your plans on the correct figures.
 
Having trouble paying the Mortgage?
 
Where both husband and wife are parties to a mortgage, both are liable to the mortgage company to pay the mortgage, regardless of which party is living in the home at the time.
 
If only one spouse is liable under the mortgage, it is this spouse who must pay the sums due, regardless of whether they are in occupation of the property or not.
 
However, if you are having difficulty paying your share your solicitor may be able to make an agreement with your spouses solicitor that your spouse pays it for you. If your spouse is not paying his or her share or does not agree to pay your share and you cannot afford to pay it then the court may be willing intervene to ensure the mortgage is paid. Your solicitor will help you with this.
 
Can I change the locks?
 
If you are a joint owner of the property, you may decide you can do as you wish but you must also consider that you are excluding your spouse from a property that he or she also owns. Changing locks on a property can serve to make matters more acrimonious and stressful than need be and there is always the possibility that the other owner will simply come along and change the locks back again.
 
Can my spouse sell?

If the house is jointly owned your spouse will need your signature first. If it is owned in your spouse’s sole name then you will need to tell your solicitor who can stop the sale by registering a notice at the land registry or by getting a court order.
 
What will happen to my home at the end of the divorce process?
 
The Court may order one of the following to take place:-
 
(a)    Immediate sale and division of the proceeds;
(b)    Outright transfer to one spouse;
(c)    A compromise where the property is held in a party’s sole name or in joint names for a period of time until the happening of the first of a number of events; e.g. youngest child reaches 18 or the occupying spouse remarries. Upon the happening of one of the specified events, the property is then sold and the proceeds divided according to what was agreed.
 
The Court will consider all of the circumstances of the case when deciding which of the above is most suitable and most important will be who has the greatest need for the property.
 

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