The UK housing market is changing drastically. In the years between 1996 and 2005 the prices rose to average out at £111,061. The decade before that it stood at £ 55,721. Though, real estate prices have hiked steeply, the dream of owning a house remains undiminished in the British mind. Even today, 95% of Britons long to own a home, they can call their own. This dream takes root quite early. Majority of the first time buyers are in their mid twenties. These youngsters buy houses for the financial security and comfort it offers.
House owners typically belong to the double income families. The home is not only the single biggest marital asset, it also happens to be the most prized. Over a period of time, the home begins to symbolise, happiness, pride, security and comfort. People develop possessive attachment to their house. This explains why couples conflict the maximum over its division, if they happen to divorce.
Division of the Marital House
Divorce, forces one of the spouses to leave the house. Generally, it is the father who walks out leaving the home for his ex wife and children. It is highly advisable that the spouse, who plans to leave the house, should consult the solicitor before making any move. Otherwise, the movement out of the house can be legally interpreted as abandonment.
If the marriage is devoid of any other threat to personal security, it is beneficial to leave the house after a decision of its division has been reached. Decision can assume any form. At times the lone parent remains in the house along with the children.
House Shifting and Financial Difficulties
Shifting from the house, does not free one of financial liabilities. Even after the change in residence a person has to pay the regular instalments to clear the mortgage. If the ex fails to pay up, the creditors expect the payment from the other spouse. Shifting from the house does not alter financial responsibilities as long as the house remains registered on the name of both the spouses.
Apart from this house maintenance necessitates periodic expenditure for repairs, insurance and payment of other property taxes. This proves tough in the financially difficult post divorce period.
Another option of division which divorcing couples usually adopt is selling the marital house. The proceeds from the sale are equally divided. However, prior to selling the house, it has to be repaired and after the sale, taxes have to be paid on the capital gains.
Purchasing a new house after the sale of the old is difficult. Payment of taxes, repayment of outstanding credit and the equal division of the remaining proceeds, leaves one with little funds. Divorced spouses are forced to shift to rented accommodation. Some even shift to an economically poor neighbourhood. This has its own emotional implications, the brunt of which is borne by the children.
Emotional Pain of Leaving the Marital Home
A home is not just a place of dwelling, it is a place in which people live with their loved ones and it has pleasant memories attached to it. Leaving such a place is extremely painful and even the youngest child in the family feels the pain. In fact, the shift of residence affects children the most. They have to not only give up their room, but also forget their old friends in the neighbourhood. They might even be called to change their school and this heightens the emotional pain. Indeed, the transition is difficult. The only redeeming feature is that children forget easily and old friends soon replace new.
However, if the new residence belongs to a financially different stratum, finding new accomplices might not be just as easy. The pain of loneliness might have a direct bearing on the academic performance of the children.
Divorce is thus complex in its ramifications. Divorce induced lone parent families have indirectly contributed to an increase in demand for rented apartments in the
Demand for Rented Accommodations
The real estate prices in the
One among the important factors for the enhanced demand is the increasing number of single parent families.
Divorce induced change in residence thus has many consequences. The after effects that affect people the most are the financial difficulties and emotional pain of leaving the marital home. This pain doubles the agony of divorce.
