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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


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Income support and paying mortgage

  • deve
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23 Sep 07 #3815 by deve
Topic started by deve
If I change my x2b's name on the mortgage to another family member (with each parties consent of course), would this affect my rights to income support? The family member will not be paying towards the mortgage, just helping safeguard my equity in the home.

  • LittleMrMike
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23 Sep 07 #3816 by LittleMrMike
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I'm sorry, but I am not clear what is going on here !

I assume you are talking about the marital home and from what you say, you seem to suggest that the property is in the joint names of yourself and your x2b. Am I correct ?

If so, what would be the object of transferring your wife's share to a third party ? How would that safeguard your equity in the home ?

If the house is in joint names, so also would be the mortgage. Your wife would remain liable on her mortgage covenants unless she was released.

Are you, and/or your wife, currently in receipt of income support and does it include a contribution towards the interest payable on the mortgage ?

I'm sorry, but I don't get it. Why should your wife want to give away her half share ????

If you can answer these points I might be able to be a little more intelligent.

Mike 100468

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23 Sep 07 #3834 by deve
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I am sorry, I didn't explain properly...I am the wife! My husband has agreed to leave me the equity in the family home while he keeps other investments, however he has some unsecured loans which he is likely to try and not pay leaving the debts liable for charge on the marital home. I just want to safe guard my equity.

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23 Sep 07 #3836 by LittleMrMike
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Sorry, deve, I may be suffering from senile dementia paralytica, but I still don't follow.

If your x2b transfers his interest to you, you become the sole owner of the property. If he then defaults on an unsecured debt, the creditor surely can't get a charging order against the former marital home, because he no longer has an interest in it ?

From your husband's point of view, if he signed the mortgage, he remains personally liable on the mortgage covenant unless the lender is prepared to release him.

But the idea you suggest seems to me to be unnecessary and fraught with difficulties - what would happen if, for example, the relative to whom you transfer the half share becomes bankrupt ?

Mike

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