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Hi,
Was looking for advice. I am based in Scotland. My wife and I are currently in the initial stages of separation, basically looking up all the advice needed to do things properly. We are currently amicable and were looking to minimise solicitors costs where possible.
I would be looking to move out the current family home which we jointly own. I would be looking to come off the existing mortgage, which would move to only being paid by my wife but I would want to retain some form of ownership of this house so that when the time came to sell I would get my share. I am guessing that this is possible? Can someone advise? Can we draw something up to put a line in the sand that from a certain date I am owed a specific amount of equity (e.g. house is worth £230K, existing mortgage £110K, equity each £60K). She cannot afford to buy me out but I am happy for the sake of the kids and all the upheaval associated with moving for them to stay put (with the obvious caveat that if the sell I get my share).
We have agreed on a 'family arrangement' to cover the cost of child maintenance, keep things simple and friendly. Is there a good list of guidance as to what things need to filed through a solicitor (e.g. separation agreement) and what we can do ourselves, again to keep things simple and above board?
Cheers
Colin
Hi Colin
Well it's refreshing to hear people being mature about splitting up!
Unfortunately I can't advise you as the divorce side of things is not in my area of expertise. Also I think that Scottish divorce law may be slightly different?
However you might like to check out a website called Wikivorce...you may well find the answers you seek there. Good luck
Definitely one for specialist advice - you can both go to see the same solicitor with a specific list of questions. I would think that it would be partly up to the mortgage company as it's their security that is involved, but I would certainly think that a solicitor could draw up a deed of agreement between the two of you. Make sure you think of all possibilities now - for instance, if there is damage to the property, what arrangements are made for insurance (might be worth still splitting that as it's in your interest to make sure it is properly insured), what happens should it go into negative equity, what happens if your ex wants to increase the mortgage, extend the house etc etc - the more you can think of now, the less likely you are to have problems later on.
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