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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.

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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Will be breaching the court order ?

  • topmanbottom
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15 Jul 20 #513291 by topmanbottom
Topic started by topmanbottom
Dear All,

Me and my ex went through the courts and our final court order states (this was based on the draft Consent Order) that FMH be sold in the open market for reasonable price and after making the mortgage payment and due expenses, all proceeds go to my ex wife. FMH is currently in my sole name, she is liable and makes the mortgage payments until it is sold. She lives in FMH along with the children.

Subsequent to the court hearing, FMH was put for sale in the open market. 2 months ago, she suggested that she actually wants to buy FMH for herself. This was a fantastic idea and I support it.

Now she is ready to proceed with this. However I have a question and need advise:

1. Since court order says that it be sold in the market but that is not what we are doing. I am selling it to her directly. Are we breaching the court order ? Can there be any repercussions against us. Also, should be mindful of something that I cannot think as of now ?

2. Should we be going tack to the court to vary the order ? How long does it takes ? If someone can point me to correct form Etc and the process to vary the order. That will be helpful.

3. If anyone knows, if we go ahead, will this be sale of the property or will this be a transfer ?

Many thanks for your help in advance.

  • WYSPECIAL
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17 Jul 20 #513309 by WYSPECIAL
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No one can say without seeing the exact wording of the order but presumably this was previously dismissed as an option

Can she get a big enough mortgage in her own name?

Will she incur stamp duty as a buyer?

  • .Charles
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17 Jul 20 #513310 by .Charles
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The sale was only to release topmanbottom from the mortgage. He has no beneficial interest in the property if the net proceeds were to go to the ex.

So, if the ex already owns the property, net of mortgage, her seeking a transfer of the property is not a purchase/sale, it is a remortgage or transfer of the current mortgage into her sole name.

It might be the case that a variation of the current order would help clarify things but it shouldn't be too difficult.

I would always run this by a lawyer to ensure that there are no obvious flaws in the plan but as the parties are amicable this should make things much easier.

Charles

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