Buying my partner out of property - over fixed period
My ex-partner has stated that they will only accept my petition for divorce if they get 50% of my pension and 50% of the equity in the home once it is sold. (I have no problem with this).
However, my ex wants to sell immediately to have access to the equity.
I am neither in a position to remortgage, because of my credit rating, or to sell because I will struggle to rent a property suitable for when I have our children (3 children, I have them each week, every other weekend and some school holidays).
I would like to offer to buy my ex out of the property over a 4 year period at a set amount per month.
Do you know if there is a mechanism for doing this? And, should my ex challenge it, would the court consider my offer a suitable one? Is this what a consent order is for?
Thank you in advance.
C.Lomas at 30.11.2020 17:45:34
Thank you for your question.
A mechanism for this would be a consent order, however, you can only sort out your finances once you are at the Decree Nisi stage of divorce, and have received your Decree Nisi certificate.
A cosent order is an agreement between you both and requires both of your signatures. In a consent order, you can agree when you will sell and asset and how the equity will be split between you. It's important to note the general starting point is a 50/50 split, however the court take into consideration multiple factors when deciding if this agreement is fair.
I hope that helps and please book in a free call if you would like any further assistance.
Holly at 11.06.2021 11:09:28
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