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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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Mortgage transfer

  • Pearl Mac
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08 Sep 20 #514054 by Pearl Mac
Topic started by Pearl Mac
Hi
I am new here and I need some advice. I'm currently going thru a separation.
Married 8 years
matrimonial home purchased after marriage, in husband's name only.
House bought for 75000, balance remaining 47000. House now valued at 90000.
I want to buy my husband out and transfer house to my name.
Have a mortgage in principle of 60000.
My question is, is this enough to buy him out if we split equity 60/40 or 70/30? We also have 1000 debt together in his name only. I also have a pension.
Thank you for your advice.

  • WYSPECIAL
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08 Sep 20 #514056 by WYSPECIAL
Reply from WYSPECIAL
A £60k mortgage would only allow you to transfer a maximum of £13k to him. That's 30% of the equity.

You don't give any detail. Is there a reason to depart from 50:50?
Is he likely to accept it?
What other assets are there, you mention a pension, and how will they be split?

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09 Sep 20 #514067 by Pearl Mac
Reply from Pearl Mac
Many thanks for your reply. Just to add that I am just hoping he will accept 70/30 as I'm staying with the kids in the matrimonial home. If it goes 50/50 i probably won't be able to afford the mortgage. However my other option would be to get first time buyer grant. The debt thag we have is actually £10000.
I have not looked into pension yet, but I have a bigger pension which I've been paying into for 17 years. Will this have to be split too?

Many thanks

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