Hi. I am divorced with a Consent Order that states I will get 20k equity after the sale of house regardless of the selling price achieved. As house has been reduced four times already, this is the only equity left.
My question is, if my ex lets house get reposessed (even though he earns in excess of 100K,) Will I be able to claim the 20K from him?
Can provide more details if anyone thinks they might be able to offer advice?
Another question if you can please.. Consent Order also says he has to take out life assurance for the whole of his life (to protect spousal maintenance) is life insurance against the present mortgage good enough? ie; is there a real difference between insurance and assurance?
This should really be looked at by a solicitor, if the order says you get 20k from the sale of the property and it achieves 20k after deductions then 20k you will receive.
As for the life policy it needs to be whole life to capitalise the spousal maintenance not just a policy for the property, mortgage ect, maybe give the wiki line a call tomorrow or you could send the wording of the order redacted to me by private message, that said this is one for a solicitor maybe one of the wiki solicitors can assist.
As Dukey says, this is a question that cannot be answered without seeing the exact terms of the order. Nothing else will suffice. I wouldn''t need to know the addresses, or the people involved, but it is important to know the exact precise terms.
I agree with dukey, it''s almost certain that it''s a life assurance policy designed to produce a lump sum on his death. I am pretty sure the Court has no power to order this, but the alternative from his point of view is that he could face a claim against his estate after death.
Anyway, I''ll soon be shooting off to Melton Mowbray for some pies - - - - -