After divorce, how can I get my share of the house?

The article below in the Financial Times is well worth a read

http://www.ft.com/cms/s/0/2f6718d6-b853-11e5-b151-8e15c9a029fb.html#axzz3xoxb79nx

 The judges struggle with the housing needs of both parties, and often the solution is found on a case named after the parties in it namely Mr. & Mrs. Mescher.

This is where one party, typically the husband, gets a payout when the youngest child leaves university. Capital gains tax has to be watched.

The terms you and your wife are discussing are also a common solution, although they can mean there is capital gains tax to pay.

The charge becomes the husband’s asset and changes depending on the value of the house.

An alternative is to agree a fixed amount a wife will pay to buy you out in the future.

Even if matters are amicable getting a financial court order is very important.

If the husband  moves out and buys another property, leaving their former wife  to occupy the former matrimonial home without formally settling the financial arrangements the consequences can be very ugly, including tax consequences.

Years later, they are surprised to learn that, upon the sale of the property, there was a CGT liability as this was no longer their main home and did not qualify for the main residence exemption.

In discussing a deferred charge order with your wife, you could agree a fixed sum that she will pay, meaning there should be no CGT liability.

Pensions are usually shared on divorce, so it is worth examining whether to offset the capital in your house against how your retirement pot is divided up. It could be an option to walk away from the marriage with your final salary pension intact, and for your wife to be given the whole equity in the house.

Experience shows that the most efficient and experienced fixed fee solicitors and lawyers are in London, despite extra overheads.

The Central Family Court, previously the Principal Registry in London is more suitable, especially for wives, for complex or middle and upper-class divorces. The judges are far use to what other County Court might consider to be ‘high’ awards of capital and maintenance.

London judges in particular are very experienced and sophisticated when it comes to investigating assets, especially overseas companies and trusts, and anecdotally especially for wives.

London has been called the wife’s divorce capital of the world.

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