Splitting proceeds of property sale

NIC0705

Hi,
New to the forum and would appreciate advice on this.
Husband and I are separating.  Very amicable, remain friends and trust each other completely.
Have not made a separation agreement as see this as a waste of money.  Our kids are older teenagers, we earn roughly the same so intend to split everything 50/50.
Have sold our house and wondering if we can ask the conveyancing solicitor to split the proceeds between 2 bank accounts (have not told solicitor we are separating in case they asked for separation agreement).  He has found another house to buy so will use his share of proceeds for deposit, whereas I haven't found anything yet and moving in with family.
Does anyone know if it's possible to request solicitor to split the proceeds of the sale into two accounts without awkward questions?

propertyrental

If't all amicable why not get it all in one account then transfer half yourselves?

'older teenagers'? How old? Living at home? With whom?

You need a settlement agreement.

user1977

Solicitor is unlikely to want more than instructions from both of you agreeing where the money is going. No reason to keep it secret!

RAS

You really do need a proper divorce and financial settlement. Otherwise you are both vulnerable, particularly if either of you needs means-tested benefits, or get into financial difficulties. 

Nothing to stop you writing out what you want to happen, agreeing the details and asking a lawyer just to write it up into legalese before sending it to the courts to rubber stamp. 

Do remember the value of pensions, however.

GDB2222

RAS said:

You really do need a proper divorce and financial settlement. Otherwise you are both vulnerable, particularly if either of you needs means-tested benefits, or get into financial difficulties. 

Nothing to stop you writing out what you want to happen, agreeing the details and asking a lawyer just to write it up into legalese before sending it to the courts to rubber stamp. 

Do remember the value of pensions, however.

I don't see any benefit in legalese, but I see benefits in writing down what's been agreed, and signing and dating it. 

badger09

NIC0705 said:

Does anyone know if it's possible to request solicitor to split the proceeds of the sale into two accounts without awkward questions?

Yes it is.
Your conveyancer will require a letter stating how the net proceeds are to be split & where they are to be paid, signed the by both of you. You will almost certainly be charged 2 x CHAPS (or equivalent) fee. The fee is probably specified in the T&Cs they sent you when you instructed them. 

Albermarle

GDB2222 said:

RAS said:

You really do need a proper divorce and financial settlement. Otherwise you are both vulnerable, particularly if either of you needs means-tested benefits, or get into financial difficulties. 

Nothing to stop you writing out what you want to happen, agreeing the details and asking a lawyer just to write it up into legalese before sending it to the courts to rubber stamp. 

Do remember the value of pensions, however.

I don't see any benefit in legalese, but I see benefits in writing down what's been agreed, and signing and dating it. 

AFAIK, if it is not 'rubber stamped' by the court it is not enforceable in case of a later challenge/change of minds.

Albermarle

Have not made a separation agreement as see this as a waste of money.  Our kids are older teenagers, we earn roughly the same so intend to split everything 50/50.

Is a 50:50 split actually practical? Easy enough with house proceeds, or savings accounts, but pensions can be tricky, especially if either has a DB/final salary pension.

10 years down the line, maybe both with new partners, stepchildren, your children etc. the 'amicable' part maybe become more stressed. So ideally best to get it all sorted now with a divorce combined with a legal financial settlement. If that is not going to happen, really try to get the 50:50 sorted out asap, and do not leave things that could cause issues down the line.

In other words, a clean break.