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Moving on: tips and tricks for putting together a housing need case
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Accepting that there is a possibility that the family home will need to be sold following a divorce and that the family will need to move on in the most literal sense is one of the hardest challenges that a separation can bring.
Broadly speaking parties to a divorce can prepare for one of three difficult outcomes for how the family home will be dealt with in the event of a divorce:
- one party being able to afford to stay in the home without having an impact on the other party's financial claims;
- the house needing to be sold in order to release capital to purchase one or more new properties which will then become the family home; or
- one party staying in the house initially and selling and dividing the proceeds at a later date due to insufficient flexibility in the family finances to make selling the house immediately a viable option.
Option one is often very attractive. However it often entails trading the value of the home against other assets so it is important for the party who will have the benefit of retaining the property...
Read the full article here.
