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Fifth Column 9:13 Wed Feb 8
Getting equity from a house in order to facilitate divorce settlement

So, I have no cash but a lot of equity in family home. Mrs wants pay off to leave me with the kids and house until selling and splitting when youngest turns 18. All fine. How do I get equity from the house in this situation? If I remortgage do I have to pretend that I'm getting an extension on the house or can I just say that I want to get equity from house without giving a reason?.yes I know I can get financial advice from a professional but it's always useful to hear from others who might have done something similar.

I've got 80% equity to 20% mortgage if that makes any difference

Spandex Sidney 9:24 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Pay her off her half now if you can afford to borrow the extra to cover her 40% and do a transfer of equity.

She get's a payout of 40% of the house, you keep 40% of the house as equity in it and it's just in your name.

ATBOG 9:32 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

FC - "kids I've got good news and bad news"

Kids - "what's the bad news dad?"

FC - "mums leaving us"

Kids a "oh no that's terrible. What the good news?"

FC "we've got pork chops for dinner!"

ATBOG 9:44 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

In all seriousness if you can afford the mortgage/secure the borrowing on your wage when she's paid off then no problem, otherwise by raising the money on both your incomes you run the risk of her have a claim on any future realised gain.

joe royal 9:47 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Thought your lot could just kill the wife off.

Justin P 9:48 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

This site is a right barrel of laughs nowadays

Sven Roeder 9:52 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Think the more friendly option these days is saying
I DIVORCE YOU 3 times and it's done


Though it is normal to chuck her down a well afterwards still if you are devout
Then you pay off the mortgage with the life insurance and Mohammed's your uncle

Fifth Column 10:08 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Atbog

As long as I get house and kids whilst they're growing up I don't mind that she would effectively profit from the deal in the future. She gave birth to them all. I don't hate the woman.

pulhampete 10:10 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

You don't hate the woman







Yet.

Fifth Column 10:11 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Spandex

My solicitor never suggested that. Thanks. That's a good idea. I knew WHO would solve my problems

Fifth Column 10:13 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Pulham

That made me laugh. She keeps changing her mind what she wants Every five minutes. No change from 20 years of marriage then.

Spandex Sidney 10:13 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

pulhampete 10:10 Wed Feb 8

This.

Trust me Fifth, in weeks, months, years her mates will be banging on to her about 'her due' and you will be lucky to left with your nutsack.

If you can borrow the 40% and pay her off and get a clean break and settlement now DO IT!

only1billybonds 10:30 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Cant help with your predicament but i can suggest you stop starting sentances with 'SO'. Certainly wont do you any harm.

Mike Oxsaw 10:43 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

I did this with my 1st wife - absolutely no acrimony, after a year's marriage, we decided we just couldn't live together. House cost 12000 (in 1976).

I simply went down the building society, told the manager the situation and he organised and approved me a 6000 top-up to pay her off. Said it was the better solution all round.

No kids though, I had a job where I simply couldn't work any more hours and house prices were rocketing up, so a slightly different situation. The key was keeping the lender's costs and risk down.

Fifth Column 10:43 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

So?

Nurse Ratched 10:59 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Justin 9:48


Good point. No-one whispering through letterboxes or asking to borrow strangers' kids. WHO is a bit miserable these days.

J.Riddle 11:51 Wed Feb 8
Re: Getting equity from a house in order to facilitate divorce settlement

Would be more cost effective to get a small home loan and build that patio out back that needs doing.

BubblesCyprus 2:16 Thu Feb 9
Re: Getting equity from a house in order to facilitate divorce settlement

Never been divorced myself but as an Offshore IFA Dealt with over 100 Divorce settlements over the years and what

Spandex Sidney 9:24 Wed Feb 8

said is ''spot on '' IMO.

Northern Sold 2:19 Thu Feb 9
Re: Getting equity from a house in order to facilitate divorce settlement

So threads about Divorce... depression... and break up albums... yup this place is getting more like mumsnet every single day...

Infidel 3:40 Thu Feb 9
Re: Getting equity from a house in order to facilitate divorce settlement

Fifth

Bear in mind there is no such thing as a clean break in English family law.

Either party can re-apply to the court at any time in the future for an adjustment of the settlement.

In one famous case recently a woman applied to the court for a share of her ex-husband's fortune more than 25 years after the divorce settlement. he had been a penniless drugged up tramp in his early 20s when she divorced him but he went on to make something of his life and she wanted a share of it. She got a huge settlement.

It's a travesty, one of many aspects of family law that needs drastic revision, but I mention it only because a few posts on here have referred to a 'clean breaks' and you should know there is no such thing.

That said very few spouses actually use it - it's so obviously unfair and unreasonable that the kids would probably turn against your ex if she tried it.

madeeasy 4:02 Thu Feb 9
Re: Getting equity from a house in order to facilitate divorce settlement

Invite her round for tea, then bury her in the garden.

Believe me if you don't feel like doing it now, you will do in a short space of time.

They all turn into bitter evil cunts.

I am sorry for being so negative but just keep it in mind and don't get caught unawares.

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