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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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is charge back on MH in % or cash sum?

  • topaz
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03 Jan 08 #9907 by topaz
Topic started by topaz
charge back TO SX2B has been mentioned as a possibility on the MH as i'm trying to buy him out of his share. my question.. is it a set a sum of money owing to sx2b when MH finally sold in time, or is it as a % of the MH SALE PRICE when sold?
my concern is if property values drop as they are at present I might lose money long term but he'd still get his ok if as a fixed sum.Also with property maintenance, say the roof needed fixing ,would he be liable to pay a % of the costs to fixit as he would have an interest still in the property or would all repair costs and ongoing maintenance costs be my responsibility only to pay in full whilst I'm living there? trying to anticipate what I may have to cough up financially.any advice appreciated.anyone with info re chargeback would like your opinions whether it's a satisfactory solution in circumstances of insufficient funding to buy sx2b outright.no children involved.

  • Monitor441
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03 Jan 08 #9909 by Monitor441
Reply from Monitor441
I am in a similar situation but I am the person who moved out. The figure is normally expressed as a percentage - not a fixed sum - and can be either a percentage of the equity or a percentage of the gross.

On the question of the maintenance, it is normally all covered by you, the person still living in the house. This is due to the fact that you are using the your ex's money to finance the house and they are having to pay extra money to finance their own house.

I hope this helps

Mon

  • LittleMrMike
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03 Jan 08 #9911 by LittleMrMike
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It is much more probable that your x2b will have his share expressed as a percentage of the eventual sale price. It is more likely that giving the non-occupying spouse a fixed sum would work to his/her disadvantage, as property prices have tended to increase in the long term, so giving him/her a percentage is on the whole fairer.

As to repairs - I think you must expect to have to carry out normal maintenance and day to day repairs. Major structural repairs are a different matter and it would be wise to make provision for this eventuality in the order. Similarly you need to provide for insurance costs. It is probably not unreasonable in principle to expect the non-occupying spouse to contribute to these costs as he has an interest, but I think it is necessary that the order itself should make provision for any disagreement to be resolved, perhaps by a further orderof the Court.

You say there are no children ; this type of deferred sale is much more common where there are children involved. If there aren't, then you need to consider what the triggering events would be. You also need to consider what might happen if you want to move and transfer the charge to another property. But a sale which is triggered only by death or re-marriage of the occupying spouse is a pretty drastic order, when you think of it ; the non-occupying spouse might never live long enough to realise his interest ( it usually is a he ! ) and such an order is likely to be made only in very limited circumstances.

You need legal advice to make sure the order is drafted in such a way that there is no doubt who is responsible for what, and I definitely recommend that you do.

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03 Jan 08 #9917 by topaz
Reply from topaz
thanks everyone, it's amazing how quick you are at responding to a query, saves me many nail biting hours wondering about it.might get some sleep now thanks to your help.:)

  • attilladahun
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04 Jan 08 #9923 by attilladahun
Reply from attilladahun
Should be %'s just in case the housing market alters

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04 Jan 08 #9924 by attilladahun
Reply from attilladahun
Should be %'s just in case the housing market alters

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