Hi my husband owns a flat in Cyprus (with a mortgage) he has signed an irrevocable power of attorney with the bank and I have signed a general power of attorney for the builder. My husband has now said he wants a divorce. Can you advise me if i have any rights regarding the flat. We have been together 12 years and married for 6 with a six year old daughter.
The property is worth over £70,000 to £100.00 I think. From what I can see he borrowed CYP 71.500 in 2007, that is all the information I have so far. The house we lived in which I am occupying with my daughter at present, as he has moved out, is owned by him, and is just about paid off, worth over £300.00 and we have a flat joint owned in the uk with a large mortgage which is rented out worth £200.00. To be honest my husband has always dealt with the finances and dabbles in stocks and shares etc. There is a piece of land, we jointly own and paid for worth £50,000 and he has a piece of land in Israel. He is also about to inherit about £100.000 from his aunt as the taxes in the US have just been paid. This has been a big shock and I thought we would be together for good as he retires in 3 years at 60, and as we got together late, and he was already established I did not interfere with the finances.
Yes he wants to go to mediation but I am concerned as he is taking out loans and just part exchanged one of his cars etc.