What happens to our house when we divorce?

In many divorce cases, the family home is one of the most valuable assets a couple will have and is central to reaching a financial settlement.

Depending upon how much equity there is in your house, the options are generally as follows:

• allow one person to stay in the house until the children reach a certain age or until that person remarries, at which point it would be sold and the equity divided.
• sell the house now and agree how the equity will be divided so as to leave both parties enough money to rehouse.
• one person could ‘buy out’ the other’s share, often by remortgaging, so they could stay in the house and avoid the cost/upheaval of sale.
• one person could offset their claim to the house by taking another asset instead (often a pension or second home).

However you agree to deal with the house, the important thing is to have it written into a financial consent order as part of your divorce so there is no confusion or come-back further down the line. As ever, it is really important that you seek expert legal advice as soon as possible to ensure you are aware of, and can properly consider, all the options open to you.