Proposal of financial settlement

[Wonderbat21]

Hi
My ex wife and I divorced a few years ago but the decree absolute went through without having all the financial settlements agreed as it became a major sticking point.

As there was a complication with debts which she has now taken on - I am still liable for these as well as the mortgage which still has some years to run.

She has now proposed that for a lump sum she can buy me out and that would be an end to it for me but my name would remain on the mortgage documents as she isn't able to remortgage at the moment.

Is it correct that if we sign a legal document to say I am no longer interested in the property, this would be an end to my liabilities in the other debts etc(providing that is what is agreed at the time of the documents being drawn up?)

Thanks in advance

B

[atticus]

Sucha thing can be done, but the creditors would need to be party to the agreement(s) and release you from the debt(s). Otherwise all you have is a private arrangement with your former wife, under which it seems that she will agree to repay certain debts for which you nevertheless remain liable. And that liability will come back to you if she defaults.

[Wonderbat21]

That clarifies things, thank you. I did wonder about the reality of such a proposal.
thanks for taking the time to respond.