Selling the family home is usually one of the more pressing issues to determine when separating. Once both parties confirm they do not want to keep the home in the settlement, negotiations can take place to enable the home to be sold.
Timing of the sale
If the home is in joint names, then the sale will not legally be able to proceed without the full consent of both owners. If the property is in the name of one party only, then the other person should be notified of the impending sale.
What happens to the proceeds when the home is sold?
If a property agreement has been reached and is legally binding, the proceeds will be paid to the parties in accordance with the orders once the home is sold.
If no agreement is reached, the home can still be sold by agreement, and any net proceeds can be held in an interest-bearing account pending a final agreement. If either party needs funds to rehouse pending a final agreement, then negotiations can occur for a partial release of funds.
What if the other party refuses to sell?
Negotiations are always recommended as the first step. If one party is residing in the home pending final orders, there can be reluctance to sell. In these situations, there is potential to obtain orders for a sale of the property, pending a final agreement. If one party refuses, then a Judge will need to make the orders for a sale.
What are the next steps?
After separation, selling the family home is only one step in the property settlement pathway. It’s essential to seek legal advice from a family lawyer to obtain specific advice for your matter.
Please contact us for more information at reception@rafton.com.au.