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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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Financial separation

  • TILLY27
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08 Jul 12 #341872 by TILLY27
Topic started by TILLY27
Hi

My divorce was finalised 6 months ago. My ex has been living in our house with his new girlfriend and her son for the past 3 years and has been promising to have me removed from the mortgage as soon as he can but now all has gone quiet. I am really concerned that I am still financially linked to him and what this will do to my credit score and also the implications it could have on my new partner if we were to try for a mortgage or have a joint account etc. My ex''s solution was to have his new girlfriend take on the mortgage when she got a job - I''ve been waiting for 3 years now and now he is ignoring me and I don''t know what else to do. Our mortgage company have said that they wouldnt consider giving him the mortgage on his own due to his earnings even though he is paying it every month without fail. Is there any chance I could force a sale if necessary or is there another way I could be financially separated from him even though we still share a mortgage?
Please help!
Thank you

  • LittleMrMike
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08 Jul 12 #341890 by LittleMrMike
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Unfortunately, the situation you describe is not at all uncommon. More usually it''s the other way round, but these days lenders seem notoriously reluctant to release anyone if they can help it ; from their point of view it only means that they would be releasing someone who could be sued if things go wrong.
It''s impossible to advise as to whether you could force a sale without seeing the order. I''m assuming it would provide for a sale if he remarried or died.
It''s not much of a consolation but the fact that his payment record is exemplary can only help you. Every payment means the sum payable is reduced and common sense would dictate that there will come a time that there is so much equity in the property that releasing you would carry very little risk.
At this stage I can''t offer much advice except perhaps to talk with the lender. The Courts can''t control lenders , unfortunately, and can''t order them to release a potential debtor.
LMM

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08 Jul 12 #341897 by cookie2
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Do you have a Consent Order? What does it say regarding the mortgage?

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08 Jul 12 #341902 by TILLY27
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Hi, no I don''t have a Consent Order- it was something I looked into but i was advised that if I went through with it I would loose any claim over the house though my name would still be on the mortgage....

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08 Jul 12 #341917 by cookie2
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You should get a Consent Order. What claim do you think you would lose? If you are entitled to any claim then this would be in the consent order. Without one, he is under no obligation to even bother trying to release you from the mortgage. He can just say "no" and there is nothing you can do.

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