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Read our latest Financial Settlements guide (2021) 

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.

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  • mkp1963
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19 May 07 #311 by mkp1963
Topic started by mkp1963
well when i got divorced two years ago ,the family home was valued at £160,ooo and was mortgage free ,,so it was devided £80.000 each,, as my wife , wanted to stay in the family home she agreed to buy my share out BUT she could only raise £50.000 with a mortgage in her name ,,, and the other £30.000 would be payed on a triggering date ,,which ever one came first
wifes death
toy boy moves in or they get married
or the daughters 18 birthday (shes 13)
to which ive agreed and this gives me what is called an interest in the property
one condition was she was not aloud to borrow any money against the house ,,,,,,,,,,,,,
she has now 2 years on asked me if i will sign to let her borrow more money on her mortgage against the house for repairs etc ,,,,,
what should i do ,,i dont want this to affect my money in some years to come
help ,solisitors wants £120 an hour

  • DownButNotOut
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19 May 07 #312 by DownButNotOut
Reply from DownButNotOut
How are house prices doing in your area? - in most of the UK they are up around 15 percent in the last 2 years. So thats 24k on your 160K house. So maybe ist OK to let her borrow half that say 12K and be reasonably happy that your equity is safe.

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20 May 07 #322 by mkp1963
Reply from mkp1963
dont seem to be shoot up around here like the rest of the country ,,
think i will have to seek solisitior advise she shouldnt still be on my back now

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