Hi, thank you for your question. Just a bit more information required to fully assist you:-Are you in England or Wales?-How old are you both?-How long have you been married?-Do you have any children together, if so their ages and proposed arrangements?-What assets and pensions do you both have (both sole and joint), together with values?-What are your respective incomes?
Are they in England or Wales?
No worries. Has a notice to change to tenants in common been served by her or on her?
Thank you. She should not worry. If her name is ***** ***** title of the property, a change from joint tenants to tenants in common will not impact her legal interest so long as her share as a tenant in common is 50% (or in accordance with however many people are registered on the title).
The difference between joint tenants and tenants in common will relate to how the shares are dealt with if one joint owner passes away or decides to deal with their share separately. As joint tenants, if one joint owner dies, the whole property automatically passes to the other and their share cannot be passed on as inheritance, whereas tenants in common are free to pass on their share in a will or under intestacy rules.
Furthermore, as part of the divorce they both have a right to make a claim for financial relief even if there are assets that are not in joint names. Given the long marriage, three children and substantial disparity between their respective incomes and asset positions, the wife has good prospects to pursues a claim for financial relief as apart of a divorce.
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Thanks - most secured loans would want both joint owners to sign to secure a debt against the property. If she is unable to afford the mortgage payments and he stops making them, then the mortgage company will consider repossession. In the event that mortgage payments stop she should immediately consider pursuing an application for financial relief to ensure that her and the children are not made homeless.
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