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Hi, thank you for your question. Just a bit more information required to fully assist you:
-How long have they been married?
-When did they separate?
-How old are the children?
-What is the value of the matrimonial home and outstanding mortgage?
-What other assets and properties do they have, either sole or jointly owned together with values?
-What is the value of the home he is purchasing, and how much is being loaned and how much mortgage is he taking out?
Sorry I cannot take a phone call at the moment, but will continue to assist you here.
Firstly, as there has been no court approved financial settlement, the finances that will be considered will be what they have at time of negotiations, and final hearing (if it goes that far). Therefore his new property will need to be disclosed but the loan that he is receiving should be formal and there should be a written agreement between him and his relative to demonstrate it is a true loan and not a gift.
As part of the negotiations they will both need to provide each other with full and frank financial and income disclosure, as well as disclosure of their reasonable needs. The Court's starting point is a 50-50 split of all matrimonial assets and ensuring that the children's needs are met, then both their needs are met in relation to both assets and income. For your information the criteria considered by the court in these matters is:1. The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would in the opinion of the court be reasonable to expect a party to the marriage to take steps to acquire;2. The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;3. The standard of living enjoyed by the family before the breakdown of the marriage;4. The age of each party to the marriage and the duration of the marriage;5. Any physical or mental disability of either of the parties to the marriage;6. The contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;7. The conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it;8. In the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring.I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you
Thanks for the further information. The court does not take kindly to financial matters being concealed in order to defeat a claim by the other party, and it may be viewed that purchasing a property in a siblings name, only for it to be transferred after proceedings will be considered such conduct.
You should be aware that despite him purchasing a property now, the court will still want to see that he can suitably house himself, and if he is able to demonstrate that the mother can also house herself from the equity in the matrimonial home, then she would not need to seek a claim against his new property.
No, the decree absolute does not impact the financial settlement - all it does is dissolve the marriage and end certain rights, such as some inheritance rights.
They can do the loan agreement between themselves and have an independent third party witness and sign it.