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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.


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Selling the house

  • Happy Pat
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16 Oct 07 #4792 by Happy Pat
Topic started by Happy Pat
Hi everyone, my first post here and wonder if anyone could help?

My situation is that i live with my wife and 18 year old daughter (not in education) and son at University. My wife has suffered a form of depression for quite some time now and is also turning to drink. She is unable to work because of this and things have been turning quite nasty - violence etc (her not me)

I am considering leaving but the issue of the house is obviously a worry. If i were to leave, i couldnt afford rented accom as well as the mortgage.

My questions

If we sold the house how would the split of the equity be calculated?

If she refused to sell, is there such a thing as a forced sale?

If i could afford to buy her out, can she just refuse?

My concern is that she will just want to wait until the house is repossesed. Sounds strange i know, but things arent as they should be.

Hope someone can help!

  • mike62
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17 Oct 07 #4806 by mike62
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Pat,
I am no expert at all, but as nobody else has answered your post yet, I will do my best to give you some pointers. Go look at the step-by-step guide on the site. Hopefully, someone more knowledgeable than I will pick up these questions.

My questions

If we sold the house how would the split of the equity be calculated?

The normal starting point would be 50:50. You say your daughter is 18 but not in education. She should not be a factor in the equation. Your son is at uni. If he is over 19, then there would be no specific consideration given for him. It would depend on your earnings, your pension position, your wife's earnings, and her future earning potential. If you post details here, someone else may be able to give you a rough guestimate. The Divorce Calculator will give you an idea, but it is only a guide.

it would also e helpful to post some info about the value of your house, the equity and mortgage values, and what would be affordable in your area.

If she refused to sell, is there such a thing as a forced sale?
If she co-habits or re-marries, then I believe a sale can be forced

If i could afford to buy her out, can she just refuse?
Not sure what the position is. Depends on the court order from your divorce hearing.

On a personal note, you are going through a tough time emotionally. The support here for such issues is great - so use it.

Take care and good luck
Mike

  • lync
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25 Oct 07 #5288 by lync
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You could raise a court action to force a sale, I have recently just done this and yes my house has been sold. In my situation once all debts relating to the sale and the mortgage company are paid then the rest is split 50/50. Good Luck

  • Shelia
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25 Oct 07 #5292 by Shelia
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As i understand it, if the court decides a house needs to be sold so the equity can be split then she cannot refuse. The court can sign the papers to allow the sale to go ahead if neceessary. Obviously most people knowing that they cannot stop a sale will cooperate when it comes to it. She may in the end be more cooperative than you think, is the house is sold she would have some cash in her hand which may appeal to her.

  • duncan McEnzie
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26 Oct 07 #5299 by duncan McEnzie
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Maybe im speaking out of turn but sounds to me like shes not well. How about in sickness and in health.I know you may have tried but couldnt you try a little harder. Just maybe you both still have a future.You must have loved her at one time and maybe its just her illness that makes you feel like you dont love her now. Is there anyone who could help you both.

  • LittleMrMike
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26 Oct 07 #5304 by LittleMrMike
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I am inclined to think there is a lot of sense in the idea that people should be reluctant to judge the actions of others unless they have been in the same situation. For years I struggled with my ex wife's schizophrenia and finally had to give up and bow to the inevitable. i know things are rough for you and it is bad when a divorce, with all its uncertainties, is superimposed on it. It probably won't be much consolation now, but time heals. My ex and I have long since patched up our difficulties and we are good friends to this day, even though she remains seriously ill.

I agree with my namesake that you can't make a judgement about the split without knowing much more.

As far as your other two questions are concerned :
1. Yes, the Court can order a sale and division of the proceeds.
2. If the Court orders a sale, the parties can negotiate a buy out on the basis of the Court order.
3. A Court could, in theory, order a transfer of the property into the name of one spouse and provide for the transferee spouse to pay a lump sum to the other - in effect, a compulsory buy-out.
4. I suspect Lync had in mind the Trusts of Land and Appointment of Trustees Act, which belongs in the realm of property law, and is usually used by cohabiting couples, as different considerations apply to divorce.
The Court can order a sale under this Act but you need legal advice before going down this route. It normally applies where the property is jointly owned.
5. The Court's main objective is to make sure that both of you have a home. This, of course, is sometimes easier said than done.

  • sootymaples
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26 Oct 07 #5328 by sootymaples
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Are you not worried about where your daughter with live and how she will cope with her mother's problems?

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