L – Megan Wroe, C – Angela Moores, R – Isabella Franchini

The family home is almost always considered a matrimonial asset that is relevant when considering a financial settlement even if it is owned in one person’s sole name, has been solely contributed to by one party and even in circumstances where it was owned by one person prior to the marriage. It is important to know that the court sees financial contributions, such as paying the mortgage, as equal to contributions made by the spouse who cares for the children and the home.

There is unfortunately no simple answer as to what happens to the family home on separation as this is based on each family’s individual circumstances.

Although the starting point for division of any matrimonial assets is equal, this is not always the end point and the main aim will be trying to ensure that both of your housing needs, and the housing needs of any children under the age of 18, can be met moving forward.

This may involve one of you purchasing the other partner’s share, selling the home and splitting the proceeds or the person with primary care of the children staying in the home until an identified point in the future, usually on remarriage or the youngest child finishing education.

Ideally you and your former partner will reach an agreement as to what should happen to the home. You can do this between you or with the assistance of a solicitor or a mediator. If you cannot agree, then you can ask the court to make a decision for you. The court will consider a wide range of factors, including but not limited to, earning capacity and income of each person, the financial resources available to you both and your financial needs and the financial needs of any children under the age of 18.

It is important that whether you reach an agreement between you or the court makes a decision for you, that this is included in a legally binding order and includes a clean break to dismiss any additional financial claims you have against each other

Megan Wroe, head of Graysons’ family department, says:

“It can be frustrating for divorcing couples or those dissolving a civil partnership as unfortunately, there is no simple and clear-cut ‘standard split’ of assets such as the family home. There isn’t a ‘one-size-fits-all’ formula: it simply depends on the circumstances of the marriage or civil partnership, and not always on the legal ownership of the home or the mortgage payments.

“It is important if you are separating, that you seek early independent legal advice to make sure you understand the options available to you. Getting this advice early can prevent serious problems developing later on.”

Megan, a specialist family lawyer and member of Resolution, is supported by senior solicitor Angela Moores and newly qualified solicitor Isabella Franchini. They are here to help you understand your options fully and protect your long-term financial security.

Author: Megan Wroe