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Hi, My wife left and I have custody of my daughter's. We live in the family home which has a joint mortgage, and has good equity in it.
I have been told that if she refuses to let me buy her out that there is a legal way whereby her share of the equity is frozen until either the children grow up or I sell the house. Only then will see receive her equity.
Unfortunately I can't remember the information.......any ideas?
Hi There,
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There are a few options,
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As you say the easiest would be for you to buy her out of the home if you are able to do so, there shouldn't be any reason for her to refuse this if she is getting a fair share of the equity, generally the resident parent would expect to recieve a higher percentage of the equity as they will be caring for the child, the fairest would be a 60/40 split in your favour but you could try and negotiate on what the percentage would be.
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or the other option is as you say her equity can be frozen at the current rate or on a sliding rate depending on the whether the value of her share increases or decreases, so for examply on basic figures, her share at this point is worth say 10k, if the value of the house raising by 10% her share should raise by 10% same if it drops in value, generally the clause is that the equity is frozen until the children reach 18 or you re marry or co habit.
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I would take some legal advise though as it is a mine field.
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GTTS
Definitely get legal advice, but if possible beforehand, see if you can find out what her thoughts are about you buying her out.
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