Selling assets in divorce

cartman44

Hi,

I have successfully divorced my ex-wife. We have the decree absolute. We split about 2 years ago and the divorce has been finalised for about 18months.
We have not drawn financial settlement yet as we are pending a buyer for the matrimonial home. It is on the market but is on too high for a 'quick' buy in my opinion. We took an extension on the mortgage (before divorce was even thought of) to clear joint debts and to purchase a car which I use and still have. She is holding out for a higher price on the house as she wants to get money out of it where as I'd happily clear the mortgage and costs and have rid of it.
We both signed for the mortgage extension so I assume we are both liable.
Questions are, as a chunk of the extension were used for a car I have, would courts deem that to be asset I have so she would be disadvantaged?
I think that's fairly straight forward, but what if I now sold the car for a stupidly low cost, say £10, would a court deem this asset as its actual worth or what I got for it. For example if the cars worth £10000 and I sell for £10 (remember it was purchased with an extension to the mortgage), would we still be jointly liable for the mortgage extension with £10 'in the pot', or the mortgage extension minus £10000 for what the car was worth?

With it being 2years down the line (my ex has lived in the house the whole time with me moving out but still paying mortgage) I want to put pressure on the matter and make her realise we should cut our losses and that we are jointly liable for the extension and the asset in the car has gone so she should forget about it? Where would I stand? Thanks.

Jojo_the_Tightfisted

Sell the car to your ex for a tenner and you might have a point.

Gigglepig

What was the car worth when you split up? What about you paying 1/2 that value to your ex, or did she get to keep another car or something else at a similar value?

I'd offer to pay 1/2 the value of the car at the time, and see if she agrees to lower the asking price or the house.

loveasale

Jojo_the_Tightfisted wrote: »

Sell the car to your ex for a tenner and you might have a point.

Ha ha ,,,,
Made me laugh!

Thegirl

If you sell a car worth £10k for £10 then that would be seen as deprivation of assets.
The car is a marital asset. It goes into the same pot with the debt, savings and other marital assets, if any. Then you divide what there is. In the same way she is liable for half the debt she is also liable for half the value of the car.