Divorce-marital home sold. Advice on signing contracts?

davidmcn

Dawn248 wrote: »

or is he legally bound to pass the money to his solicitors once the sale is complete?

In the first place the money is transferred between the solicitors anyway to complete the sale (which is why the Land Registry form you've quoted is correct), it's where the solicitors then send the money that you need to clarify. It's not clear from what you say whether the property solicitors are meant to be representing both of you or only your husband?

DigForVictory

This may seem hair-raising, but it is Worth Loosing The Sale to get the money etc nailed.
No point being divorced but still shackled to each other financially. Please, get legal advice sharpish, as while you are joint owners you are in an excellent position for negotiating. When all that money is in his account, you are not.

k3lvc

Having been on the other end of this as a buyer from a divorcing couple you need to sort this now otherwise risk losing your buyer. My vendor decided post-exchange that she wasn't happy with split of funds and where it was being paid and it turned out to be a very costly mistake for her (though could have been much more costly had she gone through with her solicitors original suggestion on completion day of not completing)

eddddy

bouicca21 wrote: »

It's not even about a 50/50 split. Depending on circumstances and other assets/debts, one or the other of you might be awarded more than 50%.

You really do need legal advice.

You're talking about a divorce settlement - which may be many months away.

The OP is faced with a sale contract to sign now (or not sign).

Perhaps look at the OP's question like this: If the house is sold now, who has 'custody' of the house sale proceeds until the divorce settlement s worked out?

Does the husband have 'custody' of 100% of the proceeds?

Do they have 'custody' of 50% each? (or some other split.)


Or the OP could refuse to sell the house until the divorce settlement is worked out. But it sounds like the OP needs some cash now (if nothing else to cover up-coming legal bills).

DigForVictory

I've yet to meet the divorce lawyer who is paid cash in hand.

The percentage of half or possibly more of the house is absolutely worth professional help dealing with a manipulative ex.

There will be other buyers - but once the money is in ex's account, your odds of getting any percentage drop like a rock.

Use this brief moment to nail down and get fully signed the Financial Settlement, then play ball.

Dawn248

I really appreciate all your input here.

We are in the middle of divorce proceedings and there's no telling how long a financial settlement could take. I want the sale to go through-it's a good price for the house- but assumed that one of our solicitors would hold the money until an agreement was reached. I wanted to get the finances sorted in mediation months ago but he refused and went through a solicitor, knowing I have very limited funds for a legal fight. I imagine he'll tale it to court.

I'll definitely get onto wikivorce, thanks!

In the meantime, I've emailed the conveyancing firm to query of it's 'normal procedure' for the money to go in the personal account of one owner in the case of a divorce and explained I can't sign to confirm receipt of funds in the circumstances. Haven't heard anything yet but am really glad I queried it.
Thanks again.

TBagpuss

It is absolutely *NOT* normal procedure for the money to go into the personal account of one person. It leaves you totally vulnerable as you husband could spend that money without your knowledge or consent, and while anything he spent it on would still be part of the matrimonial assets it could be hard to get it back.

Most common practice would be for it to be held by the solicitors . They conveyances are acting for both of you and should not release it without both of you authorising it.

Write (& keep a copy) to them NOW saying that they are not to pay the money to him and that they are not to distribute it without having written authority from both of you or a court order.

They won't want to hold on to it as it stops them closing their file, (it can be easier if the same firm of solicitors is dealing with the divorce for one of you, they can the hold the money on the divorce file ) but if you have not authorised them to pay the money out they can't do it.

Alternatively, if your husband is adamant that it is normal for it to b held by one of you, tell him that's fine, and it can be paid into an account in * your* name. If he agrees, then you are secure as the money is in your hands til you reach agreement, if he refuses then that tells it's own story.

Dawn248

The conyeyancers were taken on by the estate agents who were employed by my ex. Unfortunately they aren't connected to the solicitors dealing with our divorce, who are only used ad hoc anyway so I don't know if they'd be able to hold funds (or if they'd charge for it-being solicitors).
But I've found a paragraph in the starter pack for the sale which says;
"We will not pay proceeds to only one party in the transaction..unless proof of legal entitlement detailing how the proceeds are to be divided can be provided. e.g a Court Order or Declaration of Trust."
This is going to kick off tomorrow when I call them-he will accuse me of obstructing the sale again. I'll just have to throw it right back at him and explain if he wants to keep the buyer he'd better sort out a way of the money being held which I agree to ASAP.
Pretty nervous..Thankyou for all the advice, it's extremely helpful.

TBagpuss

It doesn't delay or obstruct the sale. The sale goes through and the money is then held by the conveyancer until you and he agree on how it is split. If he won't agree to the money being held then it is he, not you, who would be delaying things.

Don't agree to a split until you have had full financial disclosure and proper legal advice