A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Mon/Fri 9am-6pm       Sat/Sun 2pm-6pm
Call for FREE expert advice & service info


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.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


No access to proceeds to house for 12 years?

  • Canary
  • Canary's Avatar Posted by
  • Senior Member
  • Senior Member
More
06 Sep 07 #2975 by Canary
Topic started by Canary
Wife just been to solicitor who says most likely that she will be awarded house and I would have to wait 12 years until my daughter is 18 before seeing anything.
Without any funds I could not buy and in 12 years time I couldn't take on any lengthy mortgage and will never own my own home again.
Can this be right?
If she did get awarded the house she couldn't pay the mortgage and would also need SM, which means a Clean Break is surely impossible. I'll be trapped.
She won't downsize as she wont move to a dodgy area, especially as I would not rent in such areas (I wouldn't want this for the kids either)

Surely she can't get everything?
How can this be?

  • Fiona
  • Fiona's Avatar
  • Platinum Member
  • Platinum Member
More
07 Sep 07 #2979 by Fiona
Reply from Fiona

  • gone1
  • gone1's Avatar
  • Platinum Member
  • Platinum Member
More
07 Sep 07 #2983 by gone1
Reply from gone1
Hi Canary. This could be a good thing. You will get a large bung in 12 years. Think of it as an investment. Lots of things can happen in 12 years. You should get it writen in that if she re-marries you get your dosh. Not sure that you can do this mind.

I am 52 and I have a 25 year mortgage so it is possible. There is no one to leave it to now anyway so I dont give a sh1t. I am using my house as a pension. When I retire I will sell up and live on the money.

SM doesent last forever. Its only supposed to be so that she can get on her feet. Nothing is forever mate. Chris.

  • JLGsDad
  • JLGsDad's Avatar
  • Elite Member
  • Elite Member
More
07 Sep 07 #2993 by JLGsDad
Reply from JLGsDad
I'm in a similar situation, but am fighting the proposition as we can sell and get her a smaller house.
Some points to consider:
You would effectively be letting her live rent-free in your share. Typical rental yields are 4-5%, so if your share is £50k now, say, you are giving her £2,000-£2,500 per year. It's only fair that this support is recognised in any SM decision.
Is 12 yrs OK for you? In my case, I'll be retired by then and I want the money to spend on the kids now when we can all enjoy it.
Watch out for capital gains tax. I'm not sure what the latest position is here, but careful wording is needed otherwise you'll lose a lot of your money (40% on any gain?).
How amicable is the divorce? If she's hostile now, what will it be like in 12yrs time - will she fight to keep the house?

Good luck.

  • gone1
  • gone1's Avatar
  • Platinum Member
  • Platinum Member
More
07 Sep 07 #2996 by gone1
Reply from gone1
JLGsDad wrote:

How amicable is the divorce? If she's hostile now, what will it be like in 12yrs time - will she fight to keep the house?

Good luck.


JLG got a good point. Can she didle you out of your money in 12 years time?

I was told I would have to wait 7 years until the youngest was 21 before I got anything. There was no way I was going to do that as I just plain old didnt trust her. She would have found some hair brained scheme to keep me from my money. So I took what I could now. I am still shy of about 17K but at least I have about all that I am going to get. Chris.

  • shazza32
  • shazza32's Avatar
  • Junior Member
  • Junior Member
More
09 Sep 07 #3049 by shazza32
Reply from shazza32
hi canary i just been 2 mediation,and my ex was told he would have 2 wait 12yrs til our youngest was of age 17. I cant afford to pay him off due to low income,and selling the house to pay him off would leave me and the kids not enough to re house our selfs. He has a choice now whether 2 contribute half 2 the house and then he would recive half in 12 yrs time or to take a percentage in 12yrs,i dont no what he goona decide and our next app is next week. I do feel for u as me i will be tied 2 my ex for next 12yrs cant cohabit,move or,remarry,he will have full contol of my life,i only wish i could pay him off and move on with my life,12yrs is a long time,i no how u feel.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11