FAQ: Is a house owned before marriage classed as marital property during divorce?
As the largest largest financial asset in most divorces, the house will be common source of contention. Whether or not the property is classed as marital will largely depend on your specific circumstances. Simply being the sole owner of a home before a marriage does not necessarily prevent your spouse from receiving equity from its sale.
When decided by the courts, many things will be taken into account. These could include:
- The length of the marriage
- The contributions to the household over the course of the marriage
- Each party’s financial and employment situations
- The well-being of any children
- The home rights of the partner who does not own the property
- Any agreements made through negotiation or prenups
It’s always recommended to seek individual legal advice in this situation, so you can retain your own rights up to and beyond when the court’s financial settlement is made.
Goodwins Family Law are experts in financial settlements and high net worth divorce. You can get in touch with us today to book an initial fixed fee consultation for a confidential discussion and we’ll be happy to help. We are located in Harrow, London, with on site car parking and accessible from public transport links.
Alternatively, if you are overseas we can arrange a Skype call with you if it is more convenient.