What happens to the family home when you separate?

What happens to the family home when you separate?

In most divorce cases, the family home is the parties largest asset so generally what happens to the family home is one of the biggest concerns separating couples have. During a separation or divorce all assets needs to be identified and valued which is part of the process of working out how assets are to be divided. This will be regardless of who owns what. The court will then take into consideration several factors when considering how best to divide all the assets some of which include:- income of the parties, earning capacity, financial needs, the standard of living enjoyed by both parties, age of each spouse, length of marriage, physical and mental disability of each spouse, contributions and accommodation needs. If the parties have children, this will also be an important factor as to how a court will deal with the family. In circumstances where a family home is the main asset, the parent who has primary care and control may have a stronger argument to remain living in the family home for a period of time which is usually until the youngest child reaches the age of 18 or up to 23 if in full time education. In summary, the court has powers to make orders to sell the family home, transfer it to one party or it can remain in joint names.

  • Posted by lambourndigital
  • May 12, 2021
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