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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34235
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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Hi my husband owns a flat in Cyprus (with a mortgage) he has

Resolved Question:

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.

Submitted: 3 years ago.
Category: Property Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
How much is the property worth and how much is outstanding on the mortgage?
What other assets and debts are there?
Clare
Customer: replied 3 years ago.

Hi Clare,


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.

Expert:  Clare replied 3 years ago.
Hi
has he said anything about how the finances will be dealt with?
Clare
Customer: replied 3 years ago.

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.


 

Expert:  Clare replied 3 years ago.
Hi
It appears that there are substantial assets here and abroad and all will form part of the assets which the family court will consider if need be.
However there appear to be sufficient assets here in the Uk to deal with the housing needs of you and your child and it is likely that the properties in Cyprus and Israel and the Inheritance will remain with him since he brought the majority of the capital to the relationship and that instead you will receive a larger share of the UK assets
I hope that this is of assistance - please ask if you need further details
Clare
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