Deciding what to do with your home when getting a divorce can be difficult. But it doesn’t have to be. It can also be a time to put the past behind you, look ahead and find a property that’s just right for you.
So what are your options?
Depending on your situation, you could:
- Buy out your partner and continue to live in the property
- Sell the property together and divide up the assets
To make things as easy as possible for you and your spouse, particularly if children are involved, it’s wise to reach an amicable decision quickly and be prepared to compromise, rather than drag proceedings out through the courts.
Dividing up your assets
If children aren’t involved and you want to separate as soon as possible, selling your home quickly and dividing the proceeds can be the best solution.
To work out what needs to be divided up, all assets should be identified and valued – regardless of whose name the property is in.
It’s worth pointing out, there isn’t really a formula in the UK to set out how assets should be split and valued. A lawyer would start at 50/50 and then look at different factors, such as if children are involved, to get an outcome that meets both of the couple’s needs.
What if you can’t agree on a value for the property?
Getting an advisor can help you make decisions quickly, like agreeing on the property’s value. It’s also important to get advice to know where you stand in your options and legal rights during a divorce.
To find out more about what decisions to make and getting value, read our blog post, Selling your house when getting divorced. You can also find more information about your divorce options on The Money Advice Service’s web page, Divorce and Separation.
If you and your spouse can’t agree on a value for the property, the regular procedure is for the court to order a joint report from a surveyor or local agent, who will provide an estimate.
This will be a market valuation – considering what they think the property would realistically sell for, rather than a suggested asking price.
Getting the house ready to sell
Before the house can be put on the market once the value has been agreed, work will probably need to be done on the property – minor repairs or repainting jobs, for instance – to get it looking its best for viewings (known as the staging process) and surveyors. When deciding with your partner what jobs need to be done, it’s a good idea to agree where the money to do the work will come from.
If you’re still living at the property and your partner isn’t, it’s best to take responsibility for decluttering and cleaning up the house yourself. Alternatively, if you’re both no longer living there, you can get an agent to help with the staging process.
Sometimes, the quicker you sell your house during a divorce, the quicker you can find some closure and feel ready to move on. To help you sell your house quickly, it’s worth considering lowering the asking price and getting an advisor, which can be especially helpful in today’s challenging property market.
If you’re getting divorced and looking to sell your house quickly, a house-buying company, like Webuyanyhouse.co.uk can help. We help speed up the selling process to give you a quick house sale, while dealing with the paperwork to take away the stress moving house can bring.
To find out more about how we can help you, get in touch, or read our success stories to see how we have helped some of our best customers.
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