Welcome to Just Answer
I am a Solicitor and will assist you.
Please may I ask:
- how long have you been married?
- do you have children?
- are you getting a discount on the purchase?
- what are the other matrimonial assets including pensions?
- is divorce contemplated?
Thank you for your response.
You have to be aware that your wife can make a claim in respect of the matrimonial finances on divorce and with such a long marriage she is going to be looking at an equal share of all assets as a starting point. It doesnt matter that the tenancy is in your sole name.
You should perhaps consider divorce before you purchase the property and also a clean break to prevent a future claim from your wife - if she will agree to this. Your wife could still claim part of your pension at this stage.
I know this isnt what you want to hear but I have to be honest with you.
Let me know if I can help you further.
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You could draw up a separation agreement but the problem that you have is that such an agreement is not strictly binding on a family court Judge and they could over rule such an ageement if they felt it was not fair. This gives you wife scope to change her mind.
The only way to have finality is if you were divorced and a consent order was submitted to the court and approved by a Judge.
Yes - if you dont resolve the issue of the matrimonial finances when you obtain decree absolute then it is still possible for your wife to make a claim even after the divorce has been finalised unless a consent order is lodged and approved by the court at te same time.
The starting point for division of assets is equality. The Matrimonial Causes Act sets out reasons from departure of equality which include the earning capacity for both of you for the future, future health needs etc. You need to be aware that you wife may argue for more if these apply to her.
Whilst I appreciate the recoup rule it makes no sense for you to sell within 5 years and lose this amount and therefore my previous posts do stand and the best option for you is to seek a resolution by way of clean break first.
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I can see this is a dilemma.
I would suggest that you consider mediating with your wife. See if you can come to agreement as to a share for her? Perhaps it could be agreed at mediation that she will receive a share in the future on the sale of the house at some later date? then you both benefit rather than the LA getting the equity back?
There are lots of mediation services and there will be one local to you. If you google family mediation in your area and give them a call to get the ball rolling.
If this can be agreed this can be lodged as a consent order with the court when obtaining decree absolute so its legally binding still.
Let me know how you get on and If I can help you further.