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richard1963
Junior Member
United Kingdom
171 Posts |
 Posted - 31 August 2008 : 07:56:04
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My wife and I divorced earlier this year, we got our decree absolute on 5/6/08.
We have agreed that I will pay her £48500 as a clean break settlement.
She is refusing to sign the consent order to the court.
My daughter told me yesterday if I do not pay the £48500 then in 2 weeks time my ex wife will be made bankrupt, I will not pay until the court has agreed the consent order so I'm stuck inbetween.
If she is declared bankrupt by creditors will this affect my home as until the consent order is completed she still owns half the house even though we have agreed in principle that I can buy her half for the £48500.
Thank You
Richard
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 09:25:51
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Morning Richard,
Im not sure on that one, but try not to worry someone with a bit more knowledge will be along shortly and hopefully help you with your answer.
Take care and hang on in there. :)
JO
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 31 August 2008 : 10:36:59
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Hi Richard
how much equity is in the house at present?
If it's £100K or less you should be fine.
Your ex's beneficial interest will vest in the official receiver if she goes bankrupt so he will want to realise that interest.
If you offer the OR £48.5K he'll likely bite your hand off and her beneficial interest will be passed to you.
So either your ex signs and gets the money, or she goes bankrupt and the OR gets the money.
Either way the property legally becomes yours alone.
There would be a problem whoever you pay if she went bankrupt and the house has significantly more equity than £100K
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 10:40:38
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Thanks John
For answering that one, i did not have a clue what to say and i know how hard it is just plucking up the courage to post on here let alone think of the questions that we all have running through our heads.
Have a great weekend John.
Richard:
Good luck, I hope this has reasurred you a bit and now maybe you can start to get a smile back on your face. :)
Anymore questions, just post them and we will do our best to get you the answer.
Jo
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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richard1963
Junior Member
United Kingdom
171 Posts |
Posted - 31 August 2008 : 13:21:54
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Hello John
The house has equity of less than 100k, the 48500 is including a buy to let property that I purchased the month that she left the marital home but is in my sole name. My solicitor worked out about 47k if we included the costs to sell both the propertys, the 48500 was for a quick settlement as I wish to remarry.
If I make the offer to the OR will this be the same as a clean break settlement through the divorce courts as I don't want her back in 5 years asking for some more money, if it's not then I need to hold some money back to get the clean break settlement.
Will the OR write to me when she is declared bankrupt, I don't wish to come home and find a for sale board up outside my home one day.
@JO thanks for the words of encouragement, I am feeling quite down over all this.
Thanks Richard.
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 13:34:09
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Hi Richard,
I know its a stressful time but try not to feel down, whilst i cant help you with all your worries and questions look at my pic and think of us all on here giving you a big friendly hug. :)
Keep your chin up and you will get there, mate.
JO
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 31 August 2008 : 16:42:59
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Hi
if and when your ex goes BR you need to inform the OR of the settlement.If you are not in regular contact with your ex then once she goes BR a restriction will be placed on the property of which you will be notified.
This is nothing to worry about.
Once you have received this notification contact the OR. From the information you have given it would seem to me that you have sufficient funds (£48500) to settle everything and get both properties into your sole name.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 31 August 2008 : 17:58:16
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Thanks again John,
As you can tell Richard is finding the whole thing very stressful as we all do and I was unable to offer any real advice here only friendship.
Richard,
Good luck and like i said before
"Keep smiling" 
Jo
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
Edited by - Needafriend on 31 August 2008 17:58:46 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 12:07:29
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Hi Jo,
You must be learning loads :)
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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ex wife going bankrupt
