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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.


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Clean break with mortgage

  • mike_wa
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17 Jun 12 #337276 by mike_wa
Topic started by mike_wa
Hi,
My wife and I have been separated 2 years and are trying to arrange the Clean Break form with regards to the mortgage.

I am happy for her to keep the house but my name is still on the mortgage. Is it possible to sign the Clean Break form whilst still on the mortgage?

She wants legal protection to make sure I don''t try and claim anything in the future but she can''t get the mortgage on her own?

If we need to have no financial ties in order to sign the Clean Break form with me as a Guarantor on the mortgage?

Thanks

  • dukey
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18 Jun 12 #337317 by dukey
Reply from dukey
In short the answer is yes.

Its very common for men to remain signed to the mortgage because no one can make the lender release you from the mortgage.

The Clean Break means you and her cannot claim against the other once court have agreed the Consent Order, so claims are removed for income assets and inheritance, so if your ex wins the lottery once court agree the order and you have the Decree Absolute you would have no claim against the win, if you have no clean break then a claim is possible.

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18 Jun 12 #337392 by mike_wa
Reply from mike_wa
Thanks Dukey,

So I can stay on the mortgage, sign the Clean Break form and neither of us can make any financial claims, other than what is stipulated in the clean break agreement?

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18 Jun 12 #337396 by cookie2
Reply from cookie2
Yes, that''s right.

  • BigF
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15 Sep 20 #514104 by BigF
Reply from BigF
Where does this info come from. Everything I read everywhere in the internet says I can’t get a Clean Break while we still have a financial interest. If we still had a mortgage that would be a financial interest surely.

  • WYSPECIAL
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15 Sep 20 - 15 Sep 20 #514109 by WYSPECIAL
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BigF wrote: Where does this info come from. Everything I read everywhere in the internet says I can’t get a Clean Break while we still have a financial interest. If we still had a mortgage that would be a financial interest surely.


You're replying to a very old post but is is possible to remain named on the mortgage for a property in which you no longer have a financial interest.

It is up to the lender to release you from the mortgage, the courts cannot force them.

The party get the house usually has to use "best endeavours" to try to get a mortgage in their own name in order to release you. In practice this means checking with the lender that they do not meet their lending criteria once a year.
Last edit: 15 Sep 20 by WYSPECIAL. Reason: typo

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17 Sep 20 #514134 by BigF
Reply from BigF
Thanks for the reply. I am discussing with my solicitor now. I was worried I couldnt get the Clean Break but she agrees with this posts summary so I appreciate the advice.

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