Answer
How a property is split in a divorce in the UK is dependent on what the couple agree. It is better to come to an agreement between yourselves on how property should be split. You could decide to split your property in any of the following ways:
- Transfer the home from one person to another.
- Sell the home and divide the proceeds between yourselves in a fair way.
- Keep the home in joint names and one of you remains in the property to care for the children for instance. You can then decide at what point you sell the property after that.
If you cannot decide how to split your home, the court may have to intervene. There is no one size fits all approach to splitting assets like this, but typically, the court will look at the following factors in Section 25 Matrimonial Causes Act 1973:
- The income, earning capacity and financial sources of each person.
- The financial responsibilities of each party or likely responsibilities in the foreseeable future.
- The age of each person.
- The amount of time they were married.
- Any potential physical or mental disabilities either person may have.
- The contributions each person has made to the family or is likely to do in the future.
- Any children involved and their best interests.
The court will then come to a decision on how the property should be split fairly. The aim is to reach a 50/50 split, but depending on the above factors, this may not be fair in the circumstances.
0121 794 5814