Home equity after separation or divorce is generally a postponed thought. It’s a gritty thought, so it is natural that couples postpone it for a time when they have cooled off their feelings. There’s a chance that one half of the couple knows exactly the value of the property, but still there are rights to think about and what the law says each half of the union is entitled to, once they officially uncouple.
A joint mortgage means that both parties are liable for mortgage payment, regardless of whether they are cohabiting in the same property or not. The couple may have an agreement in terms of percentage, although legally, they might be entitled to and liable for 50% of the property – equity and mortgage.
Contrary to common belief, a property lawyer can and should be involved in a couple’s dispute over equity. You need to explore your options with a property lawyer. Although, in the case of a divorce, you need a family law solicitor, a property lawyer can be involved to establish what rights you have in relation to property equity.
Each party can discuss with their respective lawyer, possible options they have available. Lawyers will reflect on different scenarios and propose the best course of action, and it may include a couple’s pre-agreement. For instance, if the couple initially agreed that one would pay 40% and the other 60% of the mortgage, then they can agree with both lawyers that they will pursue this course, when making decisions in relation to the equity.
Are you going through a separation or divorce and need some legal expert, friendly advice? Please give us a call. We offer an initial complimentary consultation without any obligations. SG
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