Retaining Equity in Divorce
Discussion
I wasn't sure where to post this but I guess it falls broadly under "law".
I'm starting the divorce process and want my son to have the continuity of remaining in his home. My (soon t be ex) wife can afford to pay the mortgage and bills on the property as things stand and I have another property to move to that I'd been letting out.
We've worked out that my net equity share in the family home is £20k and my wife would struggle to cover the additional mortgage payment to buy me out therefore if I were to sign the property over to her would there be a way of legally declaring that I've got a £20k interest in it should she ever decide to sell?
TIA.
I'm starting the divorce process and want my son to have the continuity of remaining in his home. My (soon t be ex) wife can afford to pay the mortgage and bills on the property as things stand and I have another property to move to that I'd been letting out.
We've worked out that my net equity share in the family home is £20k and my wife would struggle to cover the additional mortgage payment to buy me out therefore if I were to sign the property over to her would there be a way of legally declaring that I've got a £20k interest in it should she ever decide to sell?
TIA.
DRFC1879 said:
I wasn't sure where to post this but I guess it falls broadly under "law".
I'm starting the divorce process and want my son to have the continuity of remaining in his home. My (soon t be ex) wife can afford to pay the mortgage and bills on the property as things stand and I have another property to move to that I'd been letting out.
We've worked out that my net equity share in the family home is £20k and my wife would struggle to cover the additional mortgage payment to buy me out therefore if I were to sign the property over to her would there be a way of legally declaring that I've got a £20k interest in it should she ever decide to sell?
TIA.
In a word yes, pretty much identical to my situation a good few years ago, I had a charge put against the house for an agreed amount (20% of the house value at that time) with a view to it being sold and me re - embursed when my youngest became 21. The caveat being if the house was not sold at that time, then it would be re valued and any increase in the property value from that date would be added to my pre agreed share pro rataI'm starting the divorce process and want my son to have the continuity of remaining in his home. My (soon t be ex) wife can afford to pay the mortgage and bills on the property as things stand and I have another property to move to that I'd been letting out.
We've worked out that my net equity share in the family home is £20k and my wife would struggle to cover the additional mortgage payment to buy me out therefore if I were to sign the property over to her would there be a way of legally declaring that I've got a £20k interest in it should she ever decide to sell?
TIA.
DRFC1879 said:
That's the badger! Thanks Purple.
A Mesher Order may or may not the best solution.http://www.familylawweek.co.uk/site.aspx?i=ed89289
https://www.lakerlegal.co.uk/2013/04/the-matrimoni...
Consider all your options very carefully.
Where difficult decisions have to be made it helps to commit the pro and cons to two columns on a sheet of paper.
It boils things down to the esentials and provides some clarity. It's all too easy for the brain to become distracted by irrelevancies.
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