right to retain house

[wfcfan1964]

My wife is now saying that she will be forcing me to sell the house in order to buy her out. We are joint owners and realistically I am the only one who may be able to continue mortgage payments alone. This would be my preferred option. Can she legally refuse to allow me to do this?

[MissFM]

Re: right to retain house

Hi WFC. Do you mean that you would like to continue to pay the mortgage (have I understood correctly?) Who lives in the house?

[enquirer]

Re: right to retain house

My wife is now saying that she will be forcing me to sell the house in order to buy her out. We are joint owners and realistically I am the only one who may be able to continue mortgage payments alone. This would be my preferred option. Can she legally refuse to allow me to do this?

At first glance, if you cannot buy her out, the answer is Yes.

However, as this is one of those situations where a lot of other considerations may need to be taken into account, you would be well advised to seek professional advice

[MissFM]

Re: right to retain house

WFC - I remember you from another thread and remember also that you are having a hard time. Is this to do with a divorce settlement?

[basa48]

Re: right to retain house

Your wife is entitled to half of the equity in the shared home (i.e. current market value less the outstanding mortgage).

You can either pay her cash or re-mortgage to raise her half.

If none of those are viable alternatives you will have to sell to pay her off.

I assume there are no dependent children.

[MissFM]

Re: right to retain house

WFC - if there are dependent children as per your last thread it makes a difference - do please post in reply to us all so that we can try to help you.

[wfcfan1964]

Re: right to retain house

Thanks for all repies so far. My wife has left home and our daughter has stayed with me. She is making a lot od fuss about wanting custody but has akready missed three days of contact agreed in courr.

[MissFM]

Re: right to retain house

If your daughter is still a minor and wants to live with you then I think you may have the right to retain the family home until she's reached the age of majority

[MissFM]

Re: right to retain house

How old is your daughter? Do you have other children?

[wfcfan1964]

Re: right to retain house

My daughter is 11 and is an only child. My wife had two children from a previous marriage both now in their 20's. I foolishly adopted them prior to having our own child.

[MissFM]

Re: right to retain house

WFC - I think the advice given above that any financial settlement would have to be based broadly on equality is correct. Your situation (as described in another thread) is clearly rather complicated. Please do follow the links to Families need fathers and the "resolution" site as both will be looking genuinely to help you both find the best arrangement for your daughter's wellbeing, for you all, including taking as much heat out of the situation as is possible.

http://www.fnf.org.uk/index.php?fuseaction=home. http://www.resolution.org.uk/editorial.asp?page_id=26

As I understand it, there are three separate issues in a divorce - the actual legal separation, which is usually no blame these days and even if blame is attached it doesn't reflect on the financial part.

The financial and property "split" is based on the idea of a broad equality of outcome for the two parties.

The arrangements as per children is based entirely on the best interests of the child - it goes without saying that children are not chattels.

It does seem that if it is at all possible for the child to stay in the family home but with full contact with both parents that would be a favoured outcome.

Please seek qualified legal advice from a Resolution solicitor who it is to be hoped will help you find a fair and workable solution with minimum conflict and cost.

It's a very harrowing time and huge sympathy FWIW.

[PlanB]

Re: right to retain house

My daughter is 11 and is an only child. My wife had two children from a previous marriage both now in their 20's. I foolishly adopted them prior to having our own child.

A lot will depend on your wife's financial circumstances since leaving the family home. Is she living alone or does she have a new partner to help pay towards 'their' outgoings. A court would look at this holistically. They will also look at it historically taking into account who paid the deposit to purchase the property in the first place etc.

The house is in joint names so I presume the mortgage is in both names. If it's in your sole name and the payments are being made then the lender has no interest in who is living in the property as long as they are getting their money each month. So it's safe to assume that at least they won't force a sale (and they can't even if it's in joint names if there are no arrears). Every penny you pay towards that mortgage since your wife left will be taken into consideration as your "contribution" towards the asset. It's all done in a cold mathematical way and not an emotional one - which is a good thing

Your wife can't force the sale either only a court can do that and you're a long way off that stage if you haven't even filed for a divorce (or has she?). Since last October it's been compulsory to attempt mediation first before a court will let you through the door. These things take months and months. My divorce lasted longer than my marriage :rolleyes2:

It wasn't foolish of you to adopt your wife's children from her previous marriage, it was downright decent.