Divorce court - cash settlement timeframe

monkeysrevenge

Hi all,

I have a quick question with regards to a divorce settlement that has reached court.

We are currently selling our house, and there is an interested party currently going through a divorce. They are awaiting a court date in the next few weeks to finalise / agree a disputed settlement figure between her and her former husband.

My question is (and I appreciate this may be a "piece of string" question) but does the court normally state that, in the event a one-off payment is awarded, that cash should be transferred within X amount of days/weeks/months?

We are have asked a builder to hold a new-build plot for us (local builder - and they are very kindly doing so without a deposit) until the outcome of this court settlement is known, but I don't want to get excited about this if there's a chance that it may take 3 months for the payment, if there is going to be an appeal etc.

Thanks in advance

TBagpuss

Yes, an order would normally include a timescale for payment - and you can speak to the prospective buyer and make clear what your time frame would be.

The time frame the court sets would normally depend on how the payment was being funded - if the paying party is buyer the other out of a jointly owned property and has to get a mortgage sorted then the time allowed if likely to be longer than i the money is already in a bank and simply needs splitting, for instance.

And if your buyer needs a mortgage then she may not be able to finalise the application as this may depend on the financial settlement (particularly if there is any kind of maintenance involved)

I'd expect anything from 7 - 28 days if the money is readily available, and 6-10 weeks if it requires anyone to take out a new mortgage or transfer a property. That said, people sometimes agree different timescales, for instance to fit with the tie-in period on an existing mortgage, or to take account of when someone is to receive a bonus.

It may be worth asking your potential buyer if they can get a rough idea from their solicitor