What Is The Matrimonial Home And Why Is Important To Protect It?
The home in which you and your family reside is the matrimonial home. It is special because it is the only asset of the family that is shared equally no matter who paid for it or who owns it. As this is usually the biggest, and at times only asset in the marriage, it is vitally important to protect it from being sold or used as collateral by your domestic partner, especially because the risk of it being used and abused rises when there is breakdown in the relationship. Some separated spouses have woken up after a separation only to learn to their shock that their family home is owned by a stranger, and they are facing immediate eviction with their children. Others have discovered that the home has been mortgaged to the max by their former spouse, and they have been left with nothing after many years of marriage.
How To Protect Your Home
In order to protect your share in the home, it is vitally important to let potential mortgage lenders know that it is a matrimonial home. The only way to do this is to immediately get a Matrimonial Home Designation registered on title so that the world knows that it is a matrimonial home and it cannot be sold or mortgaged without your consent.
The “Matrimonial Home Designation”: How To Get Your Family Home Registered As A Matrimonial Home
Simply click here and we will register on title for your home, a Matrimonial Home Designation in the appropriate land registry office for you. This notice can be registered at any time, but it is best to file it immediately after there is a breakdown in the relationship. Once this document has been filed, it warns anyone who may consider lending money to your ex-spouse, or purchasing the property without your knowledge and consent, that this home is protected family property. By acting sooner rather than later, you can be assured that your home will remain firmly in your control.
Other Ways To Protect The Matrimonial Home: Severing Joint Tenancy
It is usually common practice between couples when they purchase a family home to take title as Joint Tenants. The reason for this is that if one of the spouses should die, that person’s half of the home will automatically go to the surviving spouse, rather than being taxed as part of the deceased person’s estate.
However, after a breakdown of the marriage, and should you pass away, you may wish your half of the home to go to your children or other loved ones rather than to your ex-spouse. In order to preserve your half of the family home in the event of an untimely death, this will require splitting the joint title into two distinct halves. This will insure that your half of the home goes to whomever you have named in your will.
Do It Yourself Divorce Online can preserve your half of the family home two ways; with both a Matrimonial Home Designation and a Severance Of Joint Tenancy. Click here now and protect your half of family home from being unexpectedly disposed of by either your ex-spouse or his or her possible lenders.
Written By Timothy Kinnaird ( October, 13, 2014)