Dividing a joint property is often a huge challenge for couples going through a divorce. Even if both partners are actually in agreement. In many cases, selling the property at an early stage can be the best solution for both parties. However, if one spouse wishes to remain living in the property after the divorce, caution is required when establishing facts during the year of separation.
Even the practical implementation of the year of separation is not easy for owners of a shared property. The law requires that a married couple must live separately for one year until they divorce. However, many people cannot afford the additional costs of a rented apartment and therefore spend the year of separation under one roof - but without a shared bedroom, kitchen and shopping facilities.
Short and sweet: selling the property in the year of separation
Separate household management in a shared property is therefore possible if necessary - but wouldn't it be much easier to sell the house immediately? There are a whole range of arguments in favor of this. The property was often financed by a loan, which must continue to be repaid by both partners during the separation and after the divorce. A sale, on the other hand, opens up the possibility of paying off loans and debts in one go - and taking advantage of the current high prices on the real estate market. A great relief! Dividing the proceeds of the sale between the spouses is much easier than any other solution. If you approach the sale of a divorced property early and without time pressure, you can also take your time looking for a buyer. This means good chances for significantly higher sales proceeds. To avoid disputes during the sales process, an impartial, expert estate agent should be appointed. This way, none of the partners can question afterwards that everything was fair during the sale. Conclusion: an early sale, even during the year of separation, saves spouses in divorce a lot of potential for conflict.
One stays - the other moves out: Complicated legal situation in the year of separation
However, the decision is often different for practical reasons. One parent wants to stay in the familiar surroundings with the children and continue to use the property. The other partner should move out and look for something new. As far as the rough timetable is concerned, many couples can come to an agreement quite quickly in such cases. Many also do not want to drag out the process painfully, but want to settle everything clearly during the year of separation - with a proper contract. However, there are legal consequences to consider that you probably don't expect, for example: equalization of accrued gains, housing benefits and maintenance claims. You should always seek legal advice about the possible disadvantages of dividing a property during the year of separation so that you don't have any nasty surprises later on in the divorce proceedings.
Are you unsure what the best solution is for your divorce property? Get in touch with us! We will be happy to advise you.
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Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific individual case.
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