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Seperated and doing the right thing
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I am seperated soon to apply for a divorce, I have two children who I dont want affected by this situation. I pay the mortgage on the property, 200 pounds and split the childrens expenses with my ex wife. I have a tennants in common arrangement on the property originally for Inhertance tax reasons. What are my options for realising money from the property, can I make arrangements forcing a sale after the children are grown up, could I sell my half of the house to a bank ?. She has a boyfriend and should she marry what happens to the house ?. Hope you can give me some advice ?
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For more on marking an answer as the "Best Answer", please visit our FAQ.Surprised no one has answered already. Basically the divorce court can do with the parties' finances whatever it thinks is fair in all the circumstances.
The first priority will be to look after the children, and make sure they are adequately cared for and housed. This usually means that the mother gets to stay in the house with the children. It is then up to the court to try to share out the assets fairly. Sometimes the mother gets the house to keep. Sometimes the father gets a defined interest in the house, not realisable until the children are grown up. Sometimes it is possible to downsize to another property. Sometimes the mother can raise some capital to buy out the fathers interest in the house. It just depends.
The first priority will be to look after the children, and make sure they are adequately cared for and housed. This usually means that the mother gets to stay in the house with the children. It is then up to the court to try to share out the assets fairly. Sometimes the mother gets the house to keep. Sometimes the father gets a defined interest in the house, not realisable until the children are grown up. Sometimes it is possible to downsize to another property. Sometimes the mother can raise some capital to buy out the fathers interest in the house. It just depends.