Important Legal and Financial Questions Answered About How is a House Divided in a Divorce
The breakdown of any marriage is a sad time for all concerned. Ex-partner’s lives can be marked by an unstable future. This instability extends beyond personal upheaval. In most case the separation of assets can be equally complicated and traumatic. There are careful considerations that must be made when deciding how is a house divided in a divorce.
When considering what happens to a house in a divorce, homeowners and ex-partners need to understand their rights. This is especially true of property. Issues such as joint property ownership, with both ex-partner’s names on the property deeds, and the welfare of children are all factored when deciding how is a house divided in a divorce.
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How is a House Divided in a Divorce When Ex-Partners Agree?
If you and your partner can agree on how is a house divided in a divorce, then you can yourself much time and solicitor’s fees. This avoids any potential court hearings and undue strain and pressure throughout the distribution of assets.
Ex-partners will each need to get themselves a solicitor to ensure they understand how is a house divided in a divorce and to ensure that all agreements are legally binding. Each ex-partner’s solicitor will draft a Consent Order. Within the Consent Order will be details on how is a house divided in a divorce.
The purpose of a Consent Order is to legally state that both parties have agreed to the financial settlement, and that they give their consent to an order being made without the need for a court hearing. A Consent Order is one of the swiftest and least stressful ways ex-partners can financially agree on how is a house divided in a divorce.
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How is a House Divided in a Divorce by the Courts?
If ex-partners cannot agree on how is a house divided in a divorce, a judge will decide on the reasonable division of property. Their decision to award property to one partner over another is based on the length of the marriage, and several contributing factors which include:
- Earning potential
- Savings and additional assets
- Living expenses
- Standard of living
- Ex-partner’s role in the relationship, for example breadwinner or primary carer
Should children be involved in how is a house divided in a divorce, the judge is generally reluctant to cause them undue stress and remove them from the family property. The primary caregiver will usually be awarded the family home as part of any settlement.
Who gets the house in a divorce with children? Typically, the mother but a judge will grant the property to the primary caregiver, or ex-partner who will provide the safest home, ensuring the least upheaval for the child.
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How is a House Divided in a Divorce with Capital Gains Tax?
Capital gains tax is not applicable when deciding how is a house divided in a divorce providing the family home is awarded or gifted between ex-partners.
However, once a divorce has been legally finalised, when considering how is a house divided in a divorce with capital gains tax, ex-partners may have pay Capital Gains Tax, depending on circumstance.
The guidelines on capital gains tax obligation andhow is a house divided in a divorce are quite complex to discover if any payments are applicable to them. Ex-partners are advised to contact HM Revenue and Customs (HMRC) to seek professional advice. To find out how capital gains tax is applicable tohow is a house divided in a divorce, you will need to provide HMRC with dates of:
- The degree absolute or dissolution
- Any contract showing the transfer of any assets
- Any court order outlining the transfer of any assets
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