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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My husband was not married to his ex partner. Several properties

Customer Question

My husband was not married to his ex partner. Several properties were acquired in joint names although his ex partner contributed nothing financially. However an over inflated pay off for transfer of the assets was agreed in a private agreement which was notarised but not prepared by lawyers and not issued by court. Agreement was, upon liquidation of all three assets, a payment would be made. One asset was liquidated, the other two (1 in Spain, 1 in Barbados) are in the process of transfer into my husbands name as the markets there are deflated and impossible to sell at this stage. My husband paid over more than two thirds of the agreed amount albeit this is not as per the agreement. He has no way of paying the remainder until the other two markets improve and he is able to sell. What would happen if he is never able to sell the other properties and raise funds to pay the remainder?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What are the actual terms of the agreement?
Clare
Customer: replied 2 years ago.
Thank you. The terms state the following:
"The petitioner and respondent were married on 2 July 1977 and divorced on 14 August 1984. Subsequently they lived together in the absence of a living together agreement for a further period of time. During this time property assets were accumulated the proceeds of which are addressed under this agreement"
"This is a full final binding agreement regarding the financial settlement in respect of property. Both parties are fully aware of their rights and have mutually arrived at this agreement."
"A full and final settlement of £x to be paid to Applicant (ex wife) by the Respondent to retain ownership of the property portfolio less any expenditure incurred by the respondent after 31st January 2013 to include legal costs, agents fees, any other professional fees and 50% of mortgage payments if applicable. The settlement payment will be made once properties are signed over and registered solely in the name of the Respondent in accordance with presiding Country Law and funds are available from liquidating assets."
Signed by each and notarised.
Hope this helps!
Expert:  Clare replied 2 years ago.
Hi
So in fact there was no requirement that the properties would be sold - quite the opposite?
Clare
Customer: replied 2 years ago.

Hi

No I don't believe there was an actual requirement, just that there are no monies unless the properties are sold as per the final few words "and funds are available from liquidating assets".

My understanding is that it was agreed to transfer into my husband's name so that he could take over the title so as not to have to interact in the future other than to provide the rest of the settlement when it happened.

Many thanks

Lynda

Customer: replied 2 years ago.

Hi Clare

I responded to this yesterday but now cannot see the response anywhere so I shall send it again just in case.

As I understand there was no written requirement that anything should be sold other than the fact that there was no cash so there would be no way of paying the sum agreed unless properties were liquidated. Only reference to liquidating is in the final paragraph "....and funds are available from liquidating assets".

I think the intention by transferring to my ex husband was so that he could then take on responsibility for selling without any further interaction.

Many thanks

Expert:  Clare replied 2 years ago.
Hi
My apologies for the delay
The words are
"by the Respondent to retain ownership of the property portfolio"
This would be seen as clear evidence of the fact that your husband wished to retain the properties.
i am afraid that his ex could sue him for the funds based on this written agreement - and if the funds are not paid prior to his death then I am very sorry but his estate will remain liable
I appreciate that this is bad news but sadly there is little chance of it being over turned
Please ask if you need further details
Clare
Clare and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi Clare


 


Thank you very much.


 


Not really what I wanted to hear but glad to know the status thank you!


 


Kind regards

Expert:  Clare replied 2 years ago.
Hi
You are welcome - I just wish it had been better news
Clare

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