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...
Clients starting divorce proceedings are often concerned about the family home and what will happen to this upon separation. Often the family home (also known as the former matrimonial home or ’FMH’) will be the divorcing couple’s main asset and will be central to any financial settlement.
What happens to the family home will wholly depend on the circumstances of the case; there is no set rule as to how this should be dealt with.
A few of the options available to divorcing couples are as follows:
- Transferring the family home into the sole name of one of the parties. The other party transferring their interest may in turn receive a lump sum payment and may be released from any mortgage;
- Selling the family home and sharing the proceeds between the parties. The proceeds can be shared as agreed between the parties. If no agreement can be reached directly between the parties or through Mediation the matter can be dealt with by the Court; or
- If there are children, one of the parents may wish to remain in the home. In return, the other party may receive other assets to balance the distribution of the matrimonial assets. Alternatively, the non-resident parent may agree to receive their share of the equity once the children are, for example, 18, and the property can then be sold.
What would be appropriate for a particular couple will be dependent on their personal circumstances. For example, this may be affected by what other assets there are, whether there are any children, the ages of the children and the parties’ individual mortgage capacities.
At George Green, our Family Solicitors consider all circumstances of an individual client and tailor their advice to meet that Client’s needs.
If you would like advice from one of our specialist Family Solicitors on the divorce process or general advice on separation and the consequences arising from separation then please contact Alex Mansfield on amansfield@georgegreen.co.uk; or call our Wolverhampton office on 01902 424 927 or our Cradley Heath office on 01384 410 410.