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With the current difficult economic climate impacting on the property market, many divorcing couples are finding it increasingly difficult to bring the marriage to an end. How can you divide assets in such a way to ensure both parties are housed properly when there is not enough money in the pot?
Most properties have previously risen in value to the point that a sale of the matrimonial home has left enough money for both parties to buy or rent separate alternative accommodation. This is now often not the case.
During the last property downturn, many courts ordered that the property be transferred to one spouse in its entirety, with the other person's share being payable, at some point in the future, when market conditions improved. This way, one party was able to stay in the matrimonial home whilst the other lived in rented accommodation. Whilst this solution may not seem ideal, since it does not lead to a swift and clean resolution, it does allow couples that have decided to separate the chance to move on and start rebuilding their lives.
We expect to see this happening over the course of the next couple of years until the property market recovers.
For further information and advice on this issue, and other family law issues, please contact us for a free initial consultation on 01992 306 616 or 0207 956 2740 or email us.Back to Law Articles