Divorce and Principal Private Residence
Postby FiM » Mon Oct 17, 2016 9:13 pm
With a divorce now going through, with one party having moved out 2.5 years ago, but to a rented apartment (and thereby having no other PPR other than the former matrimonial home) and with the party who moved out wishing to put a legal charge on the property (but take their name off the deeds) until the house is eventually sold by the spouse or when the spouse is able to pay off the other party and stay on in the property, will there be any CGT to pay once completed, either way, as part of a consent order for the divorce, no matter how long it takes? Is it better for the party who moved out to indeed take out this legal charge and remove their name from the property, or is it better for that party in CGT terms to keep their name on the property and as part of the divorce proceedings seek half of its value once eventually sold, or when the spouse currently living there has enough money to pay the other party their half. Or are both scenarios as good as each other? There is no mortgage on the property.