Buying out wife before Divorce Settlement

JDawg15

My wife and I are getting a divorce.
I want to buy out her share of the house, which she is happy for me to do. The issue is that she doesn't want to wait the necessary length of time for this to be done through the divorce settlement. She is still happy for us to, with a solicitor, draft a financial consent order but the actual money for the house she wants sooner.

The reason for this is she wants to move out as soon as possible. She can't stand living with me anymore. We have kids and she says us living together is affecting the possibility of us having a friendship and the toxic atmosphere is not good for the children to be part of.

The issue is that if I give her half of the money, I am wary that it's not legally binding and there could be repercussions later down the line. Any advice is appreciated.

DE_612183

Is she signing the house over to you as the other side of the settlement?

JDawg15

DE_612183 said:

Is she signing the house over to you as the other side of the settlement?

Yes she said if I'm buying her out, when it gets to the settlement she will sign the house over to me.

DE_612183

well if it was me - it would be no sign - no cash.

has she got any money of her own?

Settlement will start at 50/50 of everything - cash, savings, pensions, all assets - doesn't matter who's name it is in.

JDawg15

DE_612183 said:

well if it was me - it would be no sign - no cash.

has she got any money of her own?

Settlement will start at 50/50 of everything - cash, savings, pensions, all assets - doesn't matter who's name it is in.

She said she will sign the house over when it comes to the settlement but due to the toxic atmosphere needs the money sooner to move on. 

Exodi

JDawg15 said:

The issue is that if I give her half of the money, I am wary that it's not legally binding and there could be repercussions later down the line. Any advice is appreciated.

Some might see it that as you're married it's her money also, and you're effectively withholding her money from her to strongarm her into agreeing a split you like, while also refusing to move out or effectively allowing her to move out (to the mental detriment of your children, as she describes).

I'm just pointing out how this could be perceived, for example in a family court.

Even if your wife was amicable to taking whatever you decide to offer her for the house to allow her to move out, a court can decline a financial order if they don't think it's fair - even where both parties agree.

Have pensions been considered, investments, etc. What about the children, who will look after the children post divorce? Will she be able to buy another house? Does she work? What's the disparity in your incomes? If her mortgage raising capability is lower than yours, she may be entitled to more of the assets.

If she's expected to take on the majority of childcare responsibilities, there's every likelihood the court may view that you should be the one moving out and signing the house over to her.

Cressida100

Don't expert mediation to solve things. I went through this with my ex husband. He happily agreed to everything during the mediation and then completely disagreed with everything when he saw the report. It was a very long time ago but I remember thinking it was £400 down the drain .... Good luck. 

Cobbler_tone

If you do it 'before' a consent order and those financial settlements are mapped out, there is MASSIVE chance that you could lose out, or stories could change.
I did tons (paid off car loans, credit cards etc) before I got to the D81. None of that was taken into account (although wasn't expecting it to) because we were married and I was clearing the decks.
Maybe your solicitor might be able to draft something and advise otherwise. If it is a means to an end it might help. e.g. I paid some of my settlement lump sum off early to enable a house purchase. 

I also hate to say this but "living together is affecting the possibility of us having a friendship and the toxic atmosphere" means I very much doubt you are going to have a fully amicable divorce and flourishing friendship when you get out the other side.

All the best.  

sheramber

you need to discuss this with your divorce  solicitor to ensure there are no complications later. 

You buy her out  but when it comes to splitting assets the house is included  in the 50/59 split.

You buy her out but her name is still on the deeds so she is still a part owner. 

If there is a toxic atmosphere I doubt there will be any ‘friendship’ afterwards. 

Don’t let that manipulate you  into something. 

She is already stirring things. 

JDawg15

sheramber said:

you need to discuss this with your divorce  solicitor to ensure there are no complications later. 

You buy her out  but when it comes to splitting assets the house is included  in the 50/59 split.

You buy her out but her name is still on the deeds so she is still a part owner. 

If there is a toxic atmosphere I doubt there will be any ‘friendship’ afterwards. 

Don’t let that manipulate you  into something. 

She is already stirring things. 

If I were to buy her out now we would presumably go to our mortgage broker (or solicitor) and her name could be taken off the deeds though right?

When it comes to the settlement though I'm guessing she could still ask for half of the house, even despite it just being me on the deeds? 

DE_612183

JDawg15 said:

sheramber said:

you need to discuss this with your divorce  solicitor to ensure there are no complications later. 

You buy her out  but when it comes to splitting assets the house is included  in the 50/59 split.

You buy her out but her name is still on the deeds so she is still a part owner. 

If there is a toxic atmosphere I doubt there will be any ‘friendship’ afterwards. 

Don’t let that manipulate you  into something. 

She is already stirring things. 

If I were to buy her out now we would presumably go to our mortgage broker (or solicitor) and her name could be taken off the deeds though right?

When it comes to the settlement though I'm guessing she could still ask for half of the house, even despite it just being me on the deeds? 

Correct - or more than 50% - but that's the starting point...