Among the many, many life experiences a person can go through a serious breakup has to be one of the most challenging. Not only is there the emotional turmoil, but decisions about money and property when a relationship ends can prove to be particularly challenging.
Some couples have no ties to each other in regards to assets and therefore can go their separate ways with no problems, whereas others have shared funds or a property to arrange following their breakup. While there’s no doubt that a breakup is a lot less complicated than a divorce, you’ll find that you have fewer legal rights than a married couple.
In this post, we’ll discuss the various important aspects of money and property when a relationship ends, and how to resolve the issue as efficiently as possible.
Agreeing on Finances
Unfortunately, negotiating and organising the division of your finances will take some time. The first thing you need to do is make a list of any shared funds such as bank accounts or savings, possessions, and also any debt or bills. Doing so will help you to establish exactly what needs to be divided and dealt with so that both parties are satisfied.
For possessions, it may be a case of one person reimbursing the other for their half or simply selling the items for a 50/50 split. When it comes to bills, transferring the account and payment should be pretty straightforward if it’s you that’s leaving the property. The same goes for house or car insurance if your ex is on your policy, contacting the company and asking them to remove their name should be all it takes.
Possibilities for Dividing Your Home
In breakups and divorces, few issues cause as many problems than deciding who gets the house. Fortunately, if you and your partner jointly own the house there are a few different ways to proceed:
- Sell the home and both move-out. Using the money you raise to buy your own properties if you can afford to do so.
- Arrange for one party to buy the other out.
- Stay in the home without changing who owns it. Some couples do this until their children are older or have left home.
- Transfer a percentage of the property’s value from one partner to the other so that your children (if you have any) have a place to live. The partner giving up a share of their ownership rights will keep a stake in the home. Meaning that when it’s sold they will receive a percentage of its value.
Seek the Help of an Experienced Family Lawyer
Although it’s the last point of this blog post, your first step when dealing with this type of issue should always be to seek the assistance of a reputable family lawyer. Not only will they have experience dealing with hundreds of similar cases, but they will also ensure that you get a fair share of money or property that has been accumulated over the course of your relationship.
Even if your case doesn’t go to court or require legal proceedings, a family lawyer will prove to be an essential asset when it comes to providing advice and knowledge regarding your current situation. If you and your partner fail to agree on any aspect of your break up then you’ll find that a reputable family lawyer will be crucial for resolving matter involved money and property.
Do you need advice and guidance about money and property following the end of your relationship? We can help! Here at KMJ Solicitors, our team specialises in every aspect of family law such as finance, cohabitation, as well as divorce and separation. Get in touch with us today for your free, no-obligation consultation. You can also refer to our free guide to the division of assets in divorce for more information.