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Ask Clare Your Own Question
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 35054
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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We have concluded the negotiation financial arrangements

Customer Question

Hi. We have concluded the negotiation for the financial arrangements from the standpoint that we have both signed a Heads of Agreement. Her attorney is now drafting the consent. I now have to fill in a D81 and don't know how to fill it in completely. The basics of the situation are this..
We have three joint bank accounts. I make all the money and put the money into these accounts. I have about 5 other accounts that are in my sole name and she has two in her sole name. I have never kept money away from her and top up the joint account when it gets low. For her part she has not abusively spent it nor transferred large sums.
We fully owned a home in Canada and a home here in the UK, but it has a mortgage on it. We worked out that our joint equity in the homes was £2.8m GBP and that if I paid her an additional £120,000 I would take ownership of both homes free and clear AFTER I'd paid for the home that she has just exchanged on that is worth £1.32m . The home in Canada is up for sale, but in the meantime I put a mortgage on that home in order to pay her what I would owe to buy her home, but that I did not yet have the money for.
Additionally I owe her £169,000 in cash.
There is more to it than that, but my question is about bank accounts so I'll leave it there for the history.
When the D81 asks me about property because it seems like they want it from this date vs. since April 20th which is when we capped the deal from a cash and assets standpoint, should I take off the mortgage I took out to account for paying her out? I already transferred £132,000 GBP to her to exchange on the house which is now in the sellers hands.
Where should the money for this loan sit? I could put it either in a joint account or in my sole account?
On her half of the form will she need to add something for the £132,000 she now has invested in her home. Where does that go? I presume in the equity for the respondent?
Thanks in Advance,
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Thank you for your question.
My name is ***** ***** I will do my best to help you
Complete your capital situation as it is NOW
In Section 9 explain that you have remortgaged and made a payment to your wife
Please ask if you need further details
Customer: replied 2 years ago.

Well I wasn't planning on being elusive. Since the money of the loan hasn't dome in yet I could put it in a joint account or my sole account until the date the money is needed. I just wondered in the courts eyes whether there was a difference. In one case 600k would go in my column and 600k in hers OR I could just have 1,200,000 in mine if I put it in a sole account.

Also the 132k downpayment. Does that go in equity for her, or as an account etc.

Expert:  Clare replied 2 years ago.
You are only filling in your part of the form - and the mechanics do not matter so long as the figures are recorded.