How much information am I obliged to give my ex wife's solicitor as we negotiate a settlement. I cannot afford a solicitor so am doing this alone. I can easily provide income and expenditure, details of my wage and assets / liabilities, pension details, wageslips. But they have written to me (for the first time so we can negotiate) to request a number of things, including a whole years bank statements.
What am I obliged to provide, and is it possible they are fishing with other requests. (such as whole year bank statements). I have nothing to hide but am a little wary of what they wish to do with the information.
Plus another question. I would just like to hand the house to my ex wife as a Clean Break settlement and remove my name from the mortgage account and deeds, but is this as straightforward or could the lender put a stop to this if they thought she was unable to meet repayments? I'd like her to have the house and to ask for nothing more from me. In a divorce case would the lender treat it the same as any other transfer of equity and refuse the request? Thanks in advance.
Asking for a years Bank Statements is the norm, I believe.
Everything gets listed on form E. Before your ex's solicitors start to negotiate, they need to see what there is.
What is the equity and value on the house? Can she take on the mortgage repayments alone? Her income? Your income? Savings, debts, Pensions etc. It's not as quite straight forward as you pulling out of the house, unless she agrees that also.
If you post more details, you'll get a better answer to the likelihood.
Hi Robert, I can just add a bit of info regarding transfer of equity. My ex is going for a delayed settlement re:the house as he knows I cannot buy him out now but he did want to come off the mortgage and deeds to be released to buy again. However my income is so low the building society wont let me take it over on my own. I have asked my mum to come on with me and she is considering it.
I hope this helps and the best of luck.
Huh the dreaded first letter from the solicitors always seems to be requesting from the husband! Dont forget though, thats all it is, a REQUEST! You do not have to provide ANYTHING until its the form E route! Whats happening to you is the "VOLUNTARY" request for information! Its supposed to be a helpful way of negotiating before you take the formal court path.
My advice to you is this...............
Request from your wife the same information they are asking from you, so the 1st letter they have sent you saying
Then in the same letter put, I suggest we arrange a suitable date to exchange this information simultaneously, please advise when your client is in a position to exchange.
DO NOT accept that just because a solicitor asks for this information that you have to provide it! Only a court can make you comply!
Have a look at the form E (its on the court website) and you can find it on here aswell. You do NOT and should NOT provide anymore information in this voluntary stage, than what Form E requests you provide.
After you have sent this letter, they may comply if they want to move things forward but expect them to say we shall be filing form A at court! If they do this then thats the court path and form A will be the start of the proceedings, do not see Form A as a threat, its actually good because from the date form A is in court, you both then have time limits applied to everything, (the norm is usually (only dont hold your breath) 6 months to sort everything!
The voluntary path can take weeks and weeks of haggling over non disclosed documents, this is where all the bills mount up with letters back and forth between solicitors!
So once form A is in court then disclosure is an order to provide the information.
The current equity is £90,000 and it was valued at £190,000. My pension is valued at £16,000. We have both agreed verbally in the past that this would be a good idea for a settlement. I get the impression she is keen for a Clean Break too as she changed her name back to her Maiden Name before we were even divorced. We only speak to discuss the children and aren't on amicable terms. Hence we have not been to mediation.
Thanks Sonnysgirl. It is helpful to know this. As it is what we both wanted, but it seems a lot less easy to put into practice. Perhaps we'll have to look at another arrangement if she is unwilling to take steps like you have with your mother.
Thank you Louise for your comprehensive reply. That is almost exactly what I wanted to know.
I am quite glad of the solictors being involved now as we agreed between us to exchange the income / expenditure / asset forms which the mediation service had issued to us.
I went to her house to exchange, gave her the whole set of forms which took ages to fact find and fill out, and she gave me a page torn out of one or our sons schoolbooks of a list of 10 expenses she had. Nothing else, so I felt pretty diddled by the exchange.
I get the impression we need to legally exchange information but it all seems to be one way requests at the moment and a little stressful. I will write that letter to her solicitors thanks.
Yep it always seems one sided, especially if you are a self repping, because some Solicitors think they can pull the wool over your eyes. But now you have found this site you will get help from many who have been down this path.
Just remember that what ever they ask for should be a two way thing, they want something, then usually you can have the same from them.
I know it seems at times a very stressful path and at times it can make you really angry and frustrated, try to just chill and go with the flow of things, as once it hits the Court path, it should take its own course and you cant stop it (unless you both come to an agreement) anyway.
OH and P.S. You can go to a Solicitor and transfer the deeds over to the house, it usually costs around £160/£200 to do this, the Solicitor will sort the mortgage company aswell, but you can only do this IF she can take over the mortgage payments on her wages. Which is usually 3/3.5 times her annual wage. It may be looking at interest only mortgages may help in this case as that usually halfs any monthly payments. She could then probably remortgage and just have the mortgage in her name without transferring the deeds as this would be done anyway on remortgaging.