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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.


Sequence of remortgage

  • stevem_uk
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25 Apr 12 #326505 by stevem_uk
Topic started by stevem_uk
I am the applicant in a divorce proceedings.
My wife is going to co-habit with another person. I will be the primary carer for my child of 13.
So far all discussions have been open and we have between us agreed a financial settlment whereby I will make a lump sum payment to her based on the value of our assets.
To fund this cash lump sum I was planning on remortgaging the house and would pay her from this.
However my parents have made an offer of financial assistance, by way of loan, which would possibly result in my not having to take out an additional mortgage.
I am however concerned that if the timing was wrong this loan could become an sset on which my wife could claim.
Can anyone advise of the sequence of steps between the courts, the banks and the solictors and how to avoid this possible complication.
I had considred re-mortgaging and then accepting their offer of the loan afterwards but this would result in either a signficant early repayment charge from the mortgage lender, or a large up front product fee, both of which I would be keen to avoid.

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25 Apr 12 #326511 by maisymoos
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It would be essential that an official loan agreement is drawn up and witnessed. I think it would be worth getting a solicitor involved to ensure it is done properly.

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25 Apr 12 #326512 by cookie2
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Accept the offer, then sign Consent Order. Do not do anything until that is done.

After that you can fulfill the terms of the Consent Order however you like, by remortgaging, borrowing from parents, getting a second job or robbing a bank, it''s not your ex''s business. As long as the consent order is signed and sealed, you''re good to go and your decisions are your own.

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25 Apr 12 #326560 by stevem_uk
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Thanks for the feedback. Two follow up questions, when in the sequence of Petition, Nisi, Absolute does the Consent Order fit? And what are the chances that a consent order is changed by the courts despite being signed. My wife has agreed to waive any maintenance in return for ringfencing an inheritance she received and in order to process everything quickly. She has a house she wants to buy.

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25 Apr 12 #326608 by stevem_uk
Reply from stevem_uk
Thanks for the feedback. Two follow up questions, when in the sequence of Petition, Nisi, Absolute does the Consent Order fit? And what are the chances that a consent order is changed by the courts despite being signed. My wife has agreed to waive any maintenance in return for ringfencing an inheritance she received and in order to process everything quickly. She has a house she wants to buy.

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26 Apr 12 #326666 by cookie2
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stevem_uk wrote:

when in the sequence of Petition, Nisi, Absolute does the Consent Order fit?

It''s not a linear process since the finances are separate from the legal side of the divorce. The Consent Order can be put through court any time after the Nisi. It is common (but not strictly necessary) to delay the Absolute until after the consent order is done.

And what are the chances that a Consent Order is changed by the courts

Zero. A Consent Order will either be accepted or rejected, it will not be modified. If it is rejected then the judge may tell you why, but their comments can be quite vague and/or cryptic.

Whether it''s accepted or rejected, is not a matter of chance, it''s a matter of whether the agreement is broadly fair and each of your needs and requirements are met.

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