This is usually the most valuable realisable asset. If a couple are married
Judges have wide powers to transfer ownership of the property from one to the
other.
If a couple are unmarried this is only now possible and becoming more popular
as a result of the Trusts of Land and Appointment of Trustees Act 1996 which
enables a Court to transfer property from a father or mother to another party
"for the benefit of their children".
Very often the matrimonial home has to be sold to reduce mortgage commitments
and enable both parties to start again with more modest accommodation. This will
depend upon the income that both parties have available but the Court does have
power to allow one party to remain in the property for a period of time
particularly where there are young children. Commonly, if funds permit, the
mother will be allowed to remain in the house with the children - the Court
being under a duty to consider the children's interests and need for
accommodation first.