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What are we each entitled to in our divorce settlement?

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Private Deeds

  • GOAHEAD
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05 Mar 08 #15869 by GOAHEAD
Topic started by GOAHEAD
When we bought our house, since I had just been made redundant and could not get a mortgage, I borrowed from my family around 170K. I have receipts of the transfers and 2 private deeds (where we state how much and when the money should be repaid, signed by both) with family members abroad.

The wife is claiming the money is mine and she should be entitled to half of it.

I am preparing form E, what other info are needed to prove that I have debts against the property?

Cheers

  • dukey
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05 Mar 08 #15876 by dukey
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Hello Mg64

You have the docs to show how the purchase was funded i assume the deeds were preparded by sols, so no problem there its a loan not a gifted payment.

When you say you have other debts on the house are these legal charges for secured loans, if so the loan ageements will be fine.

dukey

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05 Mar 08 #15877 by GOAHEAD
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Dukey,

these deeds were not prepared by solicitors, just simple docs drafted by us and signed mostly to back up the bank transfers

The debts I was referring to are these two loans.

What's the view on these types of loans?

Cheers

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05 Mar 08 #15882 by dukey
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Hi MG64

What were the loans used for was the money spent on the house? are they personel loans or secured on the house.

You have no morgage so if secured they would have first charge if default occured.
dukey

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05 Mar 08 #15883 by GOAHEAD
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The first one was entirely spent on the house, the second on improvements and to help since I had made redundant

Again, from a calculation point of view, do you think it makes a difference? Would have made a difference if there were witneses?

Cheers

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05 Mar 08 #15889 by dukey
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Hello again

No it will make no differance its a loan that was used to buy and update the house.

It was not a gift and your paying it back as agead

You have all the doccs and statements to proove it :)

dukey

  • Louise11
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05 Mar 08 #15891 by Louise11
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Hi MG

Unfortunately loans from family members are considered "soft loans" which means they usually are not taken into account by courts because they can be paid back whenever.
As long as you have the documents to prove that you both signed and get sworn statements from the family members that loaned you the money and if need be ask the court if they can be called as witnesses, then hopefully it wont be a problem and fingers crossed a Judge will consider them and take them into account.
Kind regards
Louise

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