Divorce/Separation - how to extract my share.

nethomas1968

Hi,
I've separated from my wife of 21 years. Divorce will happen.
We both own the family home. Mortgage was paid off years ago. I want to move out, but to do that I want to take my share of the value of the home. My 'wife' says she would like to buy out my share and retain full ownership of the house. That's fair enough. But, to do that it would possibly mean she gets a mortgage for half the house and gives me the cash. Then she has to pay back the mortgage over time.
Is that the only way that I can take my share of the house? What other options are available?
Thanks in advance.
Regards
Nick

foxy-stoat

nethomas1968 said:

Hi,
I've separated from my wife of 21 years. Divorce will happen.
We both own the family home. Mortgage was paid off years ago. I want to move out, but to do that I want to take my share of the value of the home. My 'wife' says she would like to buy out my share and retain full ownership of the house. That's fair enough. But, to do that it would possibly mean she gets a mortgage for half the house and gives me the cash. Then she has to pay back the mortgage over time.
Is that the only way that I can take my share of the house? What other options are available?
Thanks in advance.
Regards
Nick

That is how it would happen yes.

Thrugelmir

Suggest you consult a family solicitor for advice. Pensions and other assets will come into a broader discussion. 

nethomas1968

What happens if my 'wife' is denied a mortgage? We are both in our 50s, and maybe getting a mortgage isn't possible. What other ways are there for me to get my cash out? Can I 'sell' my half of the house to someone else? Is there an equity release thing for this scenario?

dimbo61

No you can't sell half a house.
As someone else has mentioned your income and pensions should be taken into account when deciding who gets what after 21 years of marriage.
Have you got children ?
Savings, other assets such as shares, ISA,s cars !
Time to speak to a solicitor.
Does your wife work and can she get a mortgage for half or less of the value of the property.

Emmia

Alternatively (if your wife can't buy yout out, either via a mortgage or in cash) the house will need to be sold and the proceeds, along with things like pensions, savings etc will needed to be divided up - and a financial settlement reached.

You might want to avoid thinking of this in mercenary terms... "extract" is a pretty negative word - your marriage has ended, and as part of the dissolution process the assets accumulated during that time need to be allocated between the two of you.

Whilst you both should have legal advice, if you can come to an agreement between yourselves on the splitting of the house/pensions/savings you'll both save a heap of cash that you would've spent on lawyers wrangling.