“Housing needs” post divorce – how to get ahead

For most couples, the biggest worry on divorce is where they are going to live. When a court considers financial needs following a divorce, typically it looks at your housing needs and will want to hear from you with information about your housing requirements to assist it to make proper provision. So, what can you do to help the court?

1.         First of all, have a look at the local housing market and get together a range of property particulars for your rehousing. It is always helpful to note on the particulars: –

  •       How close the property is to the former matrimonial home;
  •       The proximity of the property to your work.

2.         If you have children, you will need to show that the property is suitable for their needs. So, make a note of how close the property is to their school or to bus routes. Is it close to child care or to family support?

3.         Be realistic on price and the size of the property. If there’s no spare cash for renovations, you should probably leave it out.

4.         Have a think about the costs of moving – will you have to pay stamp duty? What about the costs of removal and furnishing a new home?

5.         Look at your borrowing capacity. Your financial adviser will be able to review your mortgage capacity. Ideally, this will include:

  • Your maximum borrowing capacity including the amount that you will repay each month and, for comparison;
  • Your maximum borrowing capacity based on affordability.

If you are looking at rehousing in the private rental sector, how much will it cost you to rent? Be prepared to show particulars of rental properties in your area and get details of the rent and deposit required.

With the right information the court will have a much better understanding of your housing needs.