George Green LLP Welcomes Two New Family Solicitors to Sutton Coldfield Office
George Green LLP is thrilled to announce the expansion of its Family Law team with the...
Not necessarily but the property will need to be considered as part of the overall settlement upon divorce. This is the case even if the property is registered in your sole name because your spouse may still have an entitlement to a share of the property by virtue of your marriage, even though he/she is not a legal owner.
There are a number of options when considering the property upon a divorce and these are:
- Sale - the house can be sold and the proceeds (after repaying any mortgage and costs incurred with the sale) can be retained by one party or shared.
- Transfer - the house can be transferred to one party and that person may have to make a payment to the other, effectively ‘buying them out’.
- Deferred sale - the house can be retained by one party while the children are young but with provision for the other party to receive a share of the equity when the children reach adulthood and are no longer dependent.
It is important to never deal with house in isolation. It is not always the case that the property should be shared equally. The division of the equity can vary depending upon the other assets, for example pensions. A fair settlement upon divorce should consider all of the assets available to the couple, together with their income and needs.
Our team at George Green Family Solicitors have considerable experience negotiating financial settlements for our clients.
For further information or for a free initial telephone consultation please contact our Family Law Specialists, Rachel Baker in our Cradley Heath office on 01384 384580 or by email to rbaker@georgegreen.co.uk or Alex Mansfield in our Wolverhampton office on 01902 328365 or by email to AMansfield@georgegreen.co.uk