Hi There... I wonder if anyone can give me some adice please...
My ex-wife and I have agreed between us that she will not be making a claim against my pension/assets etc and that a fair share of the property once sold in the future would be 60/40 is her favour.
The only area I am unsure of is whether upon one of the ''Consent Order'' triggers comes into effect whether my percentage should be at the current market value or that of the value in the future upon the trigger.
A percentage is meant to vary otherwise it may as well be a fixed amount. Your agreement should be based on the percentage of the sale price at the time of the sale or agreed valuation of the property if your ex intends to buy out your interest.
Usually, the figure is % of the net proceeds which takes into account the estate agent fees and legal fees to complete the transaction and to discharge the mortgage.
Using a percentage spreads the risk between both parties. If the property doubles in value, you benefit and if the property halves in value your ex benefits as she doesn''t have to pay you so much.
It would be useful to build in a couple of other scenarios such as your ex being able to buy you out. In that case, would you still deduct the costs of sale when calculating your entitlement or leave them in on the basis that no sale has occurred?