Separation is never easy, and working out how to divide property can be exceptionally stressful. Whether you are married or cohabiting, it is important to understand your rights and options. At Moloney Family Law Solicitors, we guide you through every step, making sure that your interests are protected during this difficult time.
Here is an overview of what you need to know.
Dividing Property for Married Couples
For married couples, property division is usually sorted through divorce proceedings. The family courts aim to make sure the division is fair, considering the welfare of any child/children, often prioritising housing needs. The courts will also look at the financial situation and the contributions of both partners, including childcare. When it comes to the matrimonial home, there can be various outcomes. These can include selling the property and splitting the proceeds, one person remaining in the home or the transfer of ownership to one person. The latter point is especially important if a child/children are involved.
Financial Orders and Clean Breaks
In many cases, the court will aim for a clean break, meaning that after the financial settlement both parties can move on without any further financial ties. This could involve lump sum payments, property adjustment orders, payments in respect to children or spousal maintenance for a defined period.
Dividing Property for Cohabiting Couples
Things are different for unmarried couples. Cohabiting partners do not automatically have rights to each other’s property unless they jointly own it or can prove financial contributions. If a property is in joint names, the shares may be divided based on contributions, but it’s not always an even split.
A Cohabitation Agreement can be a good move for cohabiting couples as it outlines how assets will be divided in the event of a separation. Moloney Family Law can help with this and it could avoid disputes down the line.
Children and Property
Where children are involved, their welfare is a top priority. The Courts may issue a Mesher Order, allowing the primary carer to stay in the home until the children reach a certain age. After that, the property may be sold and the proceeds divided equally.
What to Do Next
If you’re going through a separation, there are a few key steps you can take to protect yourself:
- Seek legal advice from Moloney Family Law early to fully understand your rights.
- Try mediation to come to an agreement with your partner without the stress and cost of going to court.
- Consider a legally binding Consent Order to finalise the division of assets.
At Moloney Family Law, we have the expertise to help take you through property division; whether you are dealing with a family home, investments or pensions. Our experienced team can support you every step of the way, ensuring that your voice is heard and your future is secured.
If you need assistance with dividing property after separation, contact us today – Tracey@moloneyfamilylaw.com
