When it all goes bad……
Lets face it, not everything turns out as we had planned and lives get messy. You start out all loved up, go about your everyday lives, happy times, bad times, stresses and celebrations. Years or even decades later what happens when everything starts to unravel? You decide to go your separate ways…. You have shared a life together and now you need to split that life up. What happens next? A separation of property is something you may need to consider.
Where possible…… take the emotion out of it!!
With the separation of property you will always need to get independent legal advice. You may also need to speak to a finance specialist.
One person may want to buy the other out of the property. They will need to find out if they are able to afford it by themselves. They can also find out what the maximum is that they are able to obtain.
A Broker will be able to let you know what you are able to afford and can start a pre-approval process. Once you know how much you can afford you will need to speak to a solicitor to work out the next steps.
You will need to get in place a Binding Financial Agreement OR Consent Orders which need to be stamped by the Family Court. A Solicitor will be able to advise which option is the best for you. The bank will need to see a copy of this to confirm what has been agreed to regarding the property. This document will also outline any other details for additional payments and property to be split.
Keep in mind, this is not a quick process and you will need to allow a couple of months for agreements and funds to be finalised.
This can be a stressful time and speaking to a specialist that is able to guide you through the process can be a big help. If you are in this situation or know someone that is please contact me for a discussion to see if I am able to assist.