Divorces can bring up a number of difficulties on top of the emotional turmoil but the one that could be the most difficult to recover from is the financial hardship.
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Although the legal process of the divorce can cost a minimum of £500, the many expenses that come after that are what add up with the average total reaching almost £15,000. This is not just from legal fees, though. General lifestyle costs, finding a new place to live, adjusting to parenthood on a single income; these are all expenses that can prove to be difficult to manage even at the best of times.This raises the question: how can you financially prepare for a divorce?One option that can be beneficial to both parties is to sell the house so you can firstly make a clean break and, more importantly, sensibly plan ahead and prepare your financial future.
Can you force a house sale during a divorce?
To put it simply, yes you can force the sale of your property to pay for the divorce proceedings providing both parties agree to the sale. There are, however, a few additional caveats that come with it, most notably whether or not children (under 18s) are involved.
Jointly owned home with no children
The wellbeing of the children involved in a divorce should always seen as the top priority throughout the process. If the home is jointly owned between you and your partner but there are no children then the process is relatively straightforward.The property is listed on the market and then the proceeds are split once it is sold.
Jointly owned home with children
The inclusion of children in your situation will have a significant impact as to whether or not a sale can go through, with the courts potentially intervening. The most effective way of avoiding going to court is to engage in mediation, a process designed to keep communication channels open and fair.
One named owner
Both parties have a legal right to live in the house until the divorce is finalised, regardless of whose name is listed as the owner of the property. For more information on housing rights & divorce,please read our guide here.
How can Spring help?
If you and your partner are in agreement in wanting to sell the property, you will want to get through it with as little stress as possible. The process of selling a home can be an arduous and long-winded task on it’s own but balancing it with a divorce can make it even harder; ensuring the well being of your children during this process can make it even more taxing. This is where Spring can help.We have years of experience in helping divorcing couples sell their home quickly, offering a fast-sale solution for those looking to spend as little time on the property market as possible.As private property buyers, we are able to purchase your home and have the funds in your account in as little as seven days, allowing you to comfortably cover any unexpected costs that may arise throughout your divorce process. This gives you the freedom you need to move on and start planning the best way forward; buying a home or paying a rental deposit for example all become more viable options for you.For more information regarding divorce and property management or to speak to a member of our home-buying team,visit our contact page today.
Can I sell the house to my ex?
If you have received the house in your divorce settlement, you are well within your right to sell the house to your ex-partner. If you do sell it to them, they will need to get their own mortgage, however.
Am I guaranteed 50% of the sale value of the property?
No. Every divorce settlement is different and dependent on a number of individual factors. For more information regarding your divorce settlement and what you are entitled to, we recommend seeking legal or independent financial advice.
After we receive your details, one of our Property Advisors will call you within 24 hours to confirm details about your home and to explain our process if you choose to proceed. For more about selling your home to Spring see How it Works.