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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.

What steps can we take to reach a fair agreement?

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

What is a Consent Order and why do we need one?

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


Separation Issues.

  • conny21
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12 Oct 12 #360543 by conny21
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We are in the process of separating and have agreed that I shall buy her out at 50% of the marketing price. I.E. half the cost of what the estate agent would put it on the market for, (£110K) less half of the outstanding mortgage (£15K). This makes an initial figure of £55k less £7,500 = £47,500 It was also agreed that we would do a Transfer of Equity through the Building Society and her name would be removed from the Deeds. As a means to an end we agreed that we would ''claw back'' £13+k that we had overpaid and this would enable her to move out sooner and then receive the remainder when I had arranged a fresh mortgage in my name only. Now she is saying she will take the £13+k and leave her name on the deeds so if I sold the house she would still get half of that profit instead. I have told her no, I want her name removed from the Deeds and she gets the full £47,500.
What form do we need to ''legalise'' this agreement?
I have 2 small pension pots, (very small ones),if we sign a form saying what she is receiving for her share and that she will not make any future claim against me, would she be able to claim half my pension pot when I retired despite this agreeemt?

  • LittleMrMike
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12 Oct 12 #360549 by LittleMrMike
Reply from LittleMrMike
Conny,

First thing I want to say is that you mention separation, not divorce.

Now I don''t like to rush people into divorce, it is, after all, a major step whichever way you look at it. If you wish to separate, then that is fine.

However, I am always very mindful of the question of cost. If for the sake of argument you do get divorced, it is possible to get an agreement rubber stamped by the Court ( known as a Consent Order ) which would make your agreement legally binding.

But if you don''t feel ready to divorce it is possible to have a Separation Agreement.

Now the point about Separation Agreements is that they are in principle enforceable provided certain conditions are satisfied, and in a nutshell they are :

The agreement is broadly fair :
Both parties have access to independent legal advice ;
Both parties have made a full disclosure of their respective finances ; and
There is a '' cooling off '' period of a few weeks to give both parties a time for reflection before they commit themselves to it.

If this is done then there is a very high probability that the agreement will stand up in law, and if, for argument''s sake, you divorce later, then it''s comparatively easy to get the agreement rubber stamped.

We see many people on this site who divorced without settling their finances. Then one of them inherits some money and the other appears out of the blue and stakes a claim to some of it. That''s the kind of situation against which you may want to protect yourself.

So you need legal advice, but I think at the moment a Separation Agreement is probably the right way forward. You''ll need lawyers to give effect to your agreement anyway.

LMM

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12 Oct 12 #360552 by conny21
Reply from conny21
Thanks for the reply LMM. I have heard of this ''Consent Order'' and was recommended this site by a friend to enquire about them. I have a feeling in my bones it is going to be a very fruitful recommendation.

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12 Oct 12 #360559 by LittleMrMike
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For clarity, you cannot get a Consent Order if you just separate, without divorcing.

In that case a Separation Agreement is your only option.

LMM

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04 Nov 12 #364638 by conny21
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Sorry I''ve not been on for a while. Been trying to deal with ''issues''. Ok, position at the moment is I have applied for a mortgage in my name only in order to pay my wife her share of the property and have her name removed from the title deeds. Have been told ''in principal'' that there is no problem with getting the mortgage. Solicitors handling the conveyancing have sent a questionnaire out which I have duly filled in and need to return. However, before returning it I have to get her to sign the ''Transfer of Equity'' form. She is now refusing to do so and has even ripped it up demanding that I sell the house instead. I have tried to explain that if I am forced into selling then she will get less than her 50% share as there will be solicitors and estate agents to pay. I am certainly not going to pay them from my share of the proceeds. Is there anyway she can force me to sell to an outside party or is there any way I can have her made to sign the Transfer document? By freely signing it she will get the full 50% of the market value without incurring legal fees.

  • Stokemeaclipper_says_bye
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04 Nov 12 #364642 by Stokemeaclipper_says_bye
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Bye

  • Lostboy67
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04 Nov 12 #364655 by Lostboy67
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Hi,
In terms of making you sell or her sign the Transfer of equity, this would require a court order if neither of you wanted to do that.

On a note of caution, if you end up fighting this throught the courts you are going to blow quite a lot of your equity, if you are not able to reach an agreement youselves mediation may offer a better way to go.

LB

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