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ukfamilysolicitor, Family Solicitor
Category: Family Law
Satisfied Customers: 1436
Experience:  Divorce, Finances, Children, Domestic Violence, Care Proceedings
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Wife and i are seperating i want to keep house she only wants

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wife and i are seperating i want to keep house she only wants £40000 im 57years old and
cant raise the cash any ideas
Welcome to Just Answer
I am a Solicitor and will assist you.
Perhaps your wife would agree to payment by instalments? Or payment to be deferred on a later sale of the property.
If you can't raise the money to buy your wife out then she could seek an order for the house to be sold in the course of financial proceedings.
You must ensure that whatever is agreed is approved by a court first by way of Consent Order during the course of Divorce or Judicial Separation proceedings. You should not distribute the until a court order has been approved - if you don't do this then you could leave yourself open for a future claim.
For your information: In relation to the matrimonial finances - The correct process for dealing with the matrimonial finances and division is to go through a process known as full and frank financial disclosure. Yourself and your spouse need to exchange full details of all assets ( including pensions) and liabilities before negotiations take place in relation to settlement. Everything is included in disclosure.
The normal rule for division is 50/50 however the matrimonial causes act sets out factors which could lead to a departure from this rule. A few examples are the likely earning capacity of both of you for the future, health needs etc
You should consider making a referral to a specialist mediation service. They can assist in relation to the process of disclosure and also in relation to negotiations about division. One such mediation service is the National Family Mediation service.
If agreement cannot be reached then an application would need to be made to the court. You can not make an application to the court until you have at least attempted mediation first.
It is very important that no division of any assets takes place until a court order is obtained.
If division is agreed without the need to apply to court then you should submit a consent order for Judicial approval prior to division and obtaining decree absolute. Not doing so could leave you open for a future claim. A Solicitor can help you draft the Consent Order to protect your position for the future.
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