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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.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Mortgage

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10 Apr 12 #322784 by class
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I have a date for DN on 25th and we have reached a final agreement. The Consent Order is currently being drawn up. Part of the agreement was that I get the house. However there is still a 58000 mortgage on it which I was hoping to take over. I have just been to see the mortgage advisor who has informed me that they may not give me a mortgage due to debts. These are joint debts but are in my name. Can anybody please advise. My options seem to be 1. Sell the house and pay off the debts (last resort) 2. Try and find another lender. 3. Keep my husband on the mortgage until Sep 2013 when he gets his pension and I receive a lump sum and all debts will be cleared.
I am veering towards option 3 but need advise as to how this would work. All answers gratefully received. Thanks

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11 Apr 12 #323017 by cookie2
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What does the Consent Order say about the debts?
What does the Consent Order say about the mortgage?

Most likely the debts are a totally separate issue. Also most likely the Consent Order says that you will make best efforts to release your ex from the mortgage. Therefore if you cannot get it put into your sole name then that is just hard cheese, his name will have to stay on it until you are in a position to take it over. If that is as soon as Sept 2013 then he should probably thank his lucky stars - many men are in this position for a lot longer!

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11 Apr 12 #323116 by class
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Thanks for your reply.The debts are currently being paid by us both. Yes, that''s what the Consent Order says about the mortgage. Is it possible for him to keep his name on the mortgage but have it removed from the deeds or not?

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12 Apr 12 #323210 by cookie2
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Yes, that is possible, and quite common.

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