Nearly half (42%) of all UK marriages end in divorce. And perhaps the most stressful part of the divorce process involves the family home.
What happens to a mortgage in a divorce?
What are your options?
1 – Keep paying the mortgage together
Even if you divorce, it’s possible to both remain named on the mortgage and keep making payments as you did when you were married.
Using this approach it’s best to agree to a set plan, to avoid any misunderstandings and disagreements further down the line. For instance, you could agree to sell the property on a set date in five years time when it has built up more equity.
Many younger divorcees choose to opt for this if they’re committed to a fixed-rate mortgage or would face substantial early repayment charges.
2 – Selling up
This is often the most emotional step, and is less ideal for future divorcees with children, but selling a house after divorce is also one of the best ways to get a ‘clean break’ and allow both partners to move on. More...
Does your will accurately reflect your wishes? Many people write their will and forget about it – even after significant life events have rendered it inappropriate or invalid. If your will is not accurate or up to date it can be a real bone of contention and cause undue stress and worry for your loved ones when you die – perhaps leaving them with not enough to cope financially, or worse, nothing at all.
How often should a will be updated?
Even if you have not undergone any significant life changes, it is advisable to review your will every five years or so, to check that it still reflects what you want it to say and to find out if there have been any changes to the law which might affect your will. In recent years there has been a major change to inheritance tax laws and for many people that has necessitated a change to their will, even though their ultimate wishes remain the same. Particular events that should prompt you to seek professional legal advice from a solicitor about your will include the following:
If you have new children or grandchildren – to ensure they are included in your will.
If you get married – in England and Wales, getting married will revoke an existing will, unless it was made in contemplation of the marriage.
If you get divorced – for the purpose of your will, your ex – spouse will be treated as having predeceased you upon finalisation of the divorce. It is therefore important to assess whether you have made substitute provisions, and if so, whether those still reflect you wishes.
If someone named in your will dies before you – in such circumstances it is important that you understand what shall happen to the gift left to the deceased beneficiary, and to decide what should happen in light of the death.
If the executor is no longer suitable or dies – It is important that your executor is able and willing to administer your estate, and to control any trust created by your will. Catastrophic results can arise if there is nobody suitable at the helm of your estate when you die.More...
One of the biggest family changes in 25 years came into force this week, as Government ministers introduced plans to use students and trainee lawyers to guide couples through the divorce process.
At advice centres across the UK, students are now able to help divorcing couples and offer them legal advice on family and financial matters before their divorce is finalised in court. The new initiative is being introduced in order to cut the legal aid budget.
Is this a good move? Will the new plans help divorcing couples? Does it place added pressure on legal students? We take a look at the positive and negatives of this proposed plan:
Pros
Divorcing couples have the opportunity to save costs in the short term.
The Government saves money on legal aid – the average mediation costs £500 in legal aid, compared to £4,000 per person if the proceedings go to court.
Cons More...
For separated parents, the issue of taking children abroad can be a complicated process. While the vast majority of separated couples are able to communicate and amicably agree to their children going abroad on holiday, disputes can happen concerning the issue of ‘temporary removal’. Whether you’re planning on taking your children abroad or are contesting your ex-partner’s decision, it’s important to know where you stand. What is the legal position of parents who want to take children on holiday abroad? It’s important to note that it’s a criminal offence to take a child abroad without the consent of a parent (or anyone else with parental responsibility). Failing to obtain permission can result in a fine or even imprisonment, however to impose these sanctions can be lengthy and expensive. Both parents, grandparents, schools and family friends have to obtain the appropriate consent before taking children abroad. However, if a parent has a Child Arrangement Order stating that the child must live in their care, then the consent of the other parent is not needed if the child is going abroad for less than 28 days. It’s still worth obtaining consent in this scenario to avoid any future legal problems and to evidence that you are willing to communicate with the other party should the matter be brought before the Court in the future. More...
Family justice reforms, which the Ministry of Justice has termed, 'the largest for a generation' have come into effect as of the 22nd April 2014. The 22nd April 2014 saw the establishment of Family Court and the introduction of landmark primary and secondary legislation. The new single Family Court has come into force and most of the family justice provisions from the Children and Families Act are implemented. Justice Minister Simon Hughes has said that the reforms "put children clearly at the heart of the family justice system and focus on children's needs rather than what parents see as their own 'rights'." Simon Hughes said it was "a hugely important change" to what had been a "very dysfunctional system". Sir James Munby, President of the Family Division, said the changes were “the biggest in a lifetime.” Simon Hughes went onto say: "In 2011 the independent Family Justice Review, chaired by David Norgrove, found the family justice system was no system at all. The review found that vulnerable and damaged children who were meant to be protected were having their 'futures undermined' by excessive delays, with care and supervision cases taking an average of 56 weeks. This seriously harmed children's chances of finding a permanent home and potentially damaged their development, as well as causing them distress.More...