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Joint Mortgage

Hello.

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.

Paul at 23.05.2021 9:45:57

Views: 67

Replies

Hi Paul,

Thank you for your question.

A consent order helps you sort out your finances once you have started divorce proceedings, and can only be submitted to the court once you have your Decree Nisi certificate.

A consent order needs to be agreed and signed by you both, and therefore your ex would have to be on board.

If you want to sort out your finances prior to your divorce, then you should consider a separation agreement. A separation agreement will explain how you intend to sort out your finances after your separation, before you are divorced. Whilst they are not officially legally binding, if fair, are taken into consideration by the court, and can be translated into consent orders once you have reached the appropriate stage of your divorce.

If you chose to have a consent order, a term included within it can be your agreement that you will sell the shared property in 4 years (or a date that is agreed) and split the equity at that stage.

I hope that helps and please book in a free 15-minute call if you have any further questions.

Holly at 11.06.2021 10:30:46

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