Trying to remain solvent while awaiting divorce setlement

mr_affable

Can anyone help?

A close friend is awaiting the final hearing of the financial resolution of her divorce. In the meantime she is struggling to pay her day to day bills and service historic debt (joint). Luckily she is living in the house she inherited from her late mother. Her daughter (17) and son (24) live with her.

Her ex husband is still living in the ex matrimonial home but has been told by the judge he will have to sell and move to a smaller property and the remaining sale proceeds be split between them. The property is worth approx £300k with o/s mtge of £110k. Property and mortgage in joint names.

I have suggested that my friend could take out a small mtge (say £20k) on her inherited property in the meantime to keep her going until matters settled. However I am not sure whether this would be possible in view of her name being on the matrimonial home mortgage (ex husband is paying this at the moment).

Any advice or suggestions would be gratefully received.

Thank you