5 Solutions for Your Home After a Separation
Shared assets are always tough to arrange whilst going through a separation. Whether purchased or rented together with your ex, your home is a big commitment. We’ve conjured up some home solutions to make your separation easier.
Whilst a separation on its own is tough enough, adding a house into the equation can make it an even harder situation for anyone to go through. While separation agreements make the process easier, it’s not often that both parties agree on everything regarding assets and divorce finances.
No one wants to leave their home, especially when countless money has been put into making it the perfect home. Agreeing on what’s best to do might come as a difficulty, especially if you aren’t on the best terms with your ex. That’s why we want to help make the process simpler for you. Read on to find out some solutions for your home after a separation.
3 Solutions for a Home You Own
If you and your ex-partner both own your home, you have multiple options to determine what to do regarding it.
- Sell And Split the Profits
If neither person wants to stay in the home, the easiest option is to sell the home and split the profits based on the share that you own. If the share is 50/50 it is called a joint tenancy, but if the share is 30/70, it is called tenancy in common. This means the money you receive from selling can be used to purchase another home.
- Purchase The Other Person’s Share of The Mortgage
If either of you decide that you do not want to sell the property, then that person can buy the other out of the mortgage. However, whether you can do this will depend on if a lender will accept it, this will usually be determined by your finances and if you can afford the mortgage alone.
- Don’t Change the Ownership
This potentially could be a better option for some ex-partners, especially if they have children under the age of 18. One person could choose to continue to live in it whilst the children grow up, then sell and split the funds.
What Happens If One Name Is on the Property Deeds?
Sometimes in relationships, marriages, or civil partnerships one person will purchase the home and the deeds will be solely under their name. This might be because the other person does not work and instead cares for the children or is financially supported by their partner.
If you and your husband, wife, or civil partner share a property you can apply for matrimonial home rights. This means you have the right to live in your home even if your name is not on the deeds.
If you are not married or in a civil partnership, you aren’t automatically entitled to the home. If you financially contribute to the home, you might possibly have beneficial interests if they can be proved, for example by bank statements.
Solutions For a Home You Rent
Although renting a property isn’t a financial asset, it is still something that you might have signed into together as a couple, and you are considered as joint tenants on the contract. If this is the case, then there are a couple of solutions.
- End The Tenancy
Ending a Fixed-Term Tenancy
If you are both happy to move away from the home you share, the easiest solution is to end the tenancy and move elsewhere. Depending on when your tenancy ends, you have the choice of either giving notice (leaving by the date the tenancy ends) or surrendering your tenancy (ending your tenancy earlier).
Ending a Rolling Tenancy
A rolling tenancy can be ended by one person if they give notice to the landlord. This means that, whether the other party agreed to it or not, you both have to move out. To prevent this from happening, you need to ask for a tenancy change or apply for an injunction before the notice has been given.
- Change The Tenancy
Fixed-Term Tenancy Change
If, for some reason, one of you doesn’t want to move out of the home, for example, because you have children together and want to keep them in the same home, then you might be able to remove the other person from the tenancy agreement or change the name. If this isn’t a possibility, you can instead apply for a transfer of tenancy in court to remove or change the name.
The specific circumstances for a transfer of tenancy include:
- The tenancy change is refused by the landlord
- Your agreed tenancy does not allow transfers
- Your ex-partner refuses to agree to the tenancy change
Rolling Tenancy Change
If one of you decides to stay in the home, then you can ask for a tenancy change. However, if this isn’t agreed or updated by the landlord, you are both responsible for paying the rent, which could result in the person who doesn’t want to stay giving notice. A transfer of tenancy can be applied for in court as long as notice hasn’t been given.
What Happens If One Name Is on the Tenancy?
If the tenancy agreement is under one name, and the named person decides to move out from the property, you can ask the landlord to change the name on the tenancy agreement. This is otherwise known as assignment. If the landlord refuses, you can apply for a transfer of tenancy in court.
What If You Can’t Agree on a Solution?
In some instances, coming to a solution for your home isn’t possible. This can be extremely frustrating and cause extra stress for both parties. If you and your ex can’t agree to a solution, it is worth seeking mediation.
If no resolution is made from the mediation, you can approach court who will make the decision for you. For couples who are divorcing, this will automatically be done if you can’t amicably make a decision.
