Hi, thank you for your question. Just a bit more information required to fully assist you:
-How old are you both?-How long were you married?
-Did you divorce?
-Has she remarried?-Do you have any children together, if so their ages and arrangements?
What is the value of the property, and what is the outstanding mortgage and the debt?-Who is now living in the property?-Whose name is ***** ***** in?-What other assets and pensions do you both have (both sole and joint), together with values?-What are your respective incomes?-
Thanks for confirming. Unfortunately, the news is not great. Given the long marriage and the home being the only asset, she has a right to seek financial relief from you and for there to be a fair settlement. Given the length of the marriage and no other assets a court will likely agree that an equal split of assets is appropriate and therefore, based on your figures, this would be in the region of £30,000-£32,500. In the event that you cannot afford to pay such a lump sum the property will need to be sold to settle the matter. You could look into taking out a loan or remortgaging the property to raise the funds if you cannot find an alternative way and wish to stay in the property.
In the event that such a settlement is reached you should pursue divorce proceedings and have a consent order agreed with her which is approved by the court as this will be the only way to fully settle all claims between you and prevent her attempting to seek further financial relief from you in the future.
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