Divorce Property - Your Home

When looking at divorce property and your home, for most couples the home is generally the biggest asset to be resolved.  Rather than spend a lot of money on surveyors you should take the following steps to initially value your house:

1. Check what other house prices in my area are on the market for and also by looking in your local paper.

2. Check house prices on sold properties in your area

If you are or have been cohabiting or living in a house that one or both of you own the usual rule is to pay off the mortgage and divide the proceeds or for one of you to buy out the other's share/interest.  There are huge variations on how the proceeds are divided, especially where one or other side provided the deposit.  Buying out the other person's share has potential legal pitfalls. Where you are married a more delicate balancing exercise has to take place and needs are a much greater consideration.

We never advise a client to hand the keys back to the mortgage company without taking proper legal advice first.  The mortgage company's main concern will be to sell the property as quickly as possible to get some money back.  They will then be entitled to pursue either or both of you for any shortfall.  They do not have to do it immediately and can wait until you are in a better financial position.

We are here to help 24 hours a day 365 days a year.  Either e-mail us anytime, call (01296) 662770 (Nick) or (01525) 373322 (Richard) during the normal working day or (07973) 424178 in an emergency.