Newspaper article The Journal (Newcastle, England)

'Don't Sell in Haste and Repent at Leisure'

Newspaper article The Journal (Newcastle, England)

'Don't Sell in Haste and Repent at Leisure'

Article excerpt

A RESURGENT housing market should not tempt separating couples to sell their home in a hurry, a North East law firm is warning.

Family and matrimonial experts at Ward Hadaway say that the general rise in house prices in recent times has meant that the size of the assets at stake in many divorce cases has increased.

Rising living costs coupled with slower increases in salary and a less predictable employment market is also putting pressure on relationships, leading to an increase in separations.

However, lawyers at Ward Hadaway say that while it is understandable that separating couples will focus on the family home as a key asset, they should not be tempted - or pressured - into a quick sale.

Sarah Crilly, associate in the family team at Ward Hadaway, said: "Financial issues are often a factor in divorce and relationship breakdown with money troubles causing increased tension in relationships which may already be fairly fragile. At a time when many people's finances are under pressure, family lawyers are currently seeing an increase in new instructions for divorce.

"Separating finances for divorcing couples can be extremely difficult, especially when the main asset tends to be the family home.

"With property sales now increasing and values climbing, there is potentially more money in the matrimonial pot for division between parties.

"However, this in itself can be a new source of tension and conflict in the process."

The often unpredictable housing market combined with differences of opinion between the separating couple can lead to major issues, Sarah warned.

She explained: "In a number of cases, there can be one person who wants to get out of a marriage and obtain a quick divorce.

"This can tempt some separating couples to reduce prices beyond even the natural reductions often applied when attempting to achieve a speedy house sale. …

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