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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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Property sale

  • LinzW
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17 Jul 12 #343889 by LinzW
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In my settlement my ex gets the property we own in exchange for a lump sum. Mortgage lender has refused to release me from mortgage, can I now force the sale of the property. I do not want to co own it and he clearly cannot take this on himself.

Thanks

  • over the rainbow
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17 Jul 12 #343916 by over the rainbow
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Was any evidence given when the settlement agreed that he can take on the mortgage. If he cannot now do so and you are joint owners you can apply to the court for an order for sale. Is there equity in the property? What was agreed that he pay you? Was it a formal Consent Order? If it was you can apply back to court to enforce the order or a sale of the property.

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18 Jul 12 #343943 by QPRanger
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Was your release from the mortgage not mentioned in the settlement? Mine stated that my stbx must use her ''best endeavours'' to release me which means nothing as I know that the mortgage company will NOT have her on her own.

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18 Jul 12 #343949 by cookie2
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LinzW wrote:

can I now force the sale of the property

You can only do what is stated in the consent order. Does it state that if he is unable to get a sole mortgage then the property will be sold? I doubt it. The normal wording is that he will use his best efforts to remove you, and if the lender has refused, then that is that.

I do not want to co own it and he clearly cannot take this on himself.

Well, it''s actually worse than that. You will not own it at all. You will simply be on the mortgage but have no ownership of the property.

This is not an uncommon situation these days. It is a situation many men find themselves in when the wife has no/low income but gets to stay in the FMH with the kids. The wife gets the house but the husband has to stay on the mortgage.

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18 Jul 12 #344003 by LinzW
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This is insane, I am the wife, he committed adulty and is remarry to the very woman! I am getting £5k in return for giving up a property in equity and one in neg eq. He earns 5 times my salary. And its fair and legal that I remain on a mortgage but his new wife gets ownership??? I feel sick, I just wanted a Clean Break now I feel like I have been utterly shafted.
Thanks all.

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18 Jul 12 #344006 by cookie2
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If he earns 5 times your salary and has remarried then is he making best efforts to remove you form the mortgage? Do you think a lender would release you if he asked them?

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18 Jul 12 #344010 by LinzW
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Hi Coookie, well he says the lender redused as there is no repayment vehicle in place and it is an interest only mortgage. If he switches to repayment I could be released yet he refuses on the basis that the consent order indemnifies me of liablity. But I will never get another mortgage while I am tied to that one!

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