While, divorce is unarguably the toughest time in every couple’s life, with them comes a lot of hassles, and property ownership tops the list. If you jointly own a property, then you are going to put in the effort to make sure the property owner is dealt with effectively with no legal troubles.
How Does Shared Ownership work?
If a real estate property is registered jointly in the name of the husband and wife, then at the time of divorce, the wife has every right to stake a claim. In accordance with the property share, the court will be granting the share to the wife. On the other hand, in a scenario, if the wife has made the 100% contribution, she’ll make the claim for the entire property, unless the husband proves his contribution. The monthly statement could clearly describe the monthly instalments have been made towards the property. Similarly, the wife can also use her bank account statement to stack a claim for the property, in case the house is not jointly registered.
If the woman has made an upfront payment towards buying the property, then the court could ask the husband to consider this payment as a loan and pay off the loan to the women with interest.
In a situation, when the property is inherited by the man via his forefathers, then the wife has no right to file for compensation.
Before you take any decision, it is highly advisable to speak to reliable shared ownership solicitors London so that the property issue is dealt with in a legally correct manner.
Houses With a Mortgage
If the jointly owned property is funded by a mortgage, then a special procedure is needed to deal with.
The first thing the couple can do is to sell off the property to pay off the remaining mortgage, and then the remaining money will be split between them.
The other way around is, husband or wife, anyone can take the responsibility to pay off the home loan, while the other pays the contribution.
The Advice Of A Credible Solicitor
Splitting up the property after the divorce which is owned jointly is not as straightforward as you might perceive. There are a lot of legal aspects to take into account, this is where it is best to reach out to trustworthy shared ownership solicitors London. Their wealth of industry experience and practical knowledge can guide you to make the decision that passes the court. Moreover, the solicitor will speak to the other party on your behalf to find a mutual way out.
At last, don’t just hire any other solicitor, research the market to find someone you can trust in such a situation.
