If you’re considering a separation or are in the process of going through a divorce then you may be worried about what is going to happen to your jointly owned home. Does getting a divorce mean you have to sell up and both find somewhere new or are there other options? If you don’t sell, are you tied to your ex for years whether you want to be or not?
Here we’ll explore a few of the most common outcomes, to help you get a clearer idea of your options. Keep in mind that this is for guidance only – if you’re unsure of what the right option might be for you then it’s a good idea to get legal advice before you commit to a decision.
Sell up and move on
Literally and emotionally. Many divorcing couples decide that the most straightforward thing to do is to sell their home, split the proceeds and go their separate ways and there is definitely a lot to be said for this. However if you have children together it may not be the ideal solution as you might prefer to keep the home for your kids as stability during this unsettling time.
If you do decide to sell up, don’t feel you have to do a simple 50/50 split – you can take advice on this and may agree a different split depending on your circumstances. If you’re getting a divorce and selling a house you might also consider a cash house buyer as this can mean the sale is settled much more quickly, giving you quicker closure.
One person buys the other out
This often happens when there are children involved and you want to keep the family home, or simply if one party is keen to stay in the house and doesn’t want to go through the hassle of selling and moving. The key thing here is affordability – the person staying in the house will have to be in the position to be able to either pay cash or secure a mortgage to buy out the other person.
Defer the sale
If you’re parting very amicably and your ex is in no rush for their share of the house, they may be happy to keep their share, maintain the mortgage payments and keep it as an investment, at least in the short term until you can afford to take on the debt. If you want to do this a little more formally, you can ask for what is known as a mesher order. This is when the sale of the property is deferred until a trigger event, normally the children getting to a certain age – 18 for example. A mesher order prevents the home from being sold while your children are still young and can give an extra layer of security post divorce.
A divorce is a hugely stressful event, so be sure to allow yourself plenty of time to reflect and get as much advice as possible before you make a decision.