One of the biggest problems that a couple may face before they receive their decree absolute is the dividing of assets, and when an asset is as big as a family home, a property can quickly become the central topic of any divorce settlement.
So how can a property slow divorce down?
As you can imagine, every property is initially treated as an even split, but solicitors delve deep into the issue, taking into account a range of different factors to try for an outcome that meets the needs of both individuals.
More often than not, one spouse will buy the other out and keep the property, this may happen if there are children involved, so a parent will often decide to stay put within the family home.
When this situation occurs, the partner moving out may agree to defer receiving the balance until the property it is sold at a date when the children move out or the other partner remarries. This is known as a Mesher Order.
Although this means that both parties remain on the mortgage, the order can actually make it very difficult for the separated family member to obtain another mortgage elsewhere. In this case, a more complex form of the Mesher Order, known as a deferred charge Mesher, can be sought.
This means that only one person remains on the mortgage, but the other spouse retains a percentage interest that is secured by the way of a second mortgage.
Of course, here at Property Rescue, we receive many enquiries from people currently going through divorce proceedings, and our services aim to alleviate some of the pressure felt during such a distressing time.
If you find yourself in a situation where both you and your partner agree that you can quickly give up your home, our services can speed up the process so that you can both move on with your lives.
Take a look at our home selling page for more information on how you can quickly release the equity in your home and both move on.