charging order on property of someone potentially heading towards divorce

[imi78]

hi
I have borrowed large amounts of cash to a close family member. This has not been paid back over last 4 years . now him and his wife are having relationship problems and maybe heading towards divorce. if that is the case in could get nothing back at all I suspect. property is in name of the husband who owes the debt but they are married and technically they both used the money even though mortgage is in one persons name ie his.

He is in agreement for a charging order to be put on property. but if I do this and later they divorce, can the wife object on have charging order removed. and would my order result in me being paid first should they sell. and should i get charging order in both husband and wife's name considering they both used the money I lent. ?

[imi78]

Also forgot to mention property has approx 30k left on mortgage .obviously am assuming mortgage ppl will have first dibs as such. but am worried as although she don't pay the mortgage and property not in her name she will have some vested interest in property by virtue of martial rights to marital home should they divorce.

[MIKE770]

in common if I am Right

[imi78]

I'm not clear on this. But they are married except he pays mortgage and it's in his name. but obviously by pure virtue on being married and even not paying mortgage I assume she will have a vested interest.

any input appreciated

[MIKE770]

divorcing couple.

All assets will need to be identified and valued as part of the process of working out what there is to divide up. The home and any other properties will be included in this – regardless of whose name the property is in. "There is no formula in this country setting out how assets are to be split on divorce," says Nigel Shepherd, a partner and family and collaborative lawyer for law firm Mills & Reeve. "There's a broad starting point of 50:50 but we look at a series of different factors to try to get to an outcome that meets the needs of the couple and, in particular, any children and is broadly fair (although one person's fair is often the other's unfair)."

Note:- Taken from the Guardian search?

[imi78]

I assume it will be 50 50 but I'm just thinking of my financial interests and what I will loose out on as such so am clearly interested in securing my position quickly. We are talking near enough 200k plus lent..so am feeling jittery and thinking whose name to put charging order on one or both .and if me putting a charging order makes a blind bit off difference ie will it be ignored if they split.

[MIKE770]

50/50 is what is the trend, I paid all but one payment for many years yet until I signed the 50/50 etc then the case was costing monies as the other side was living for free somewhere, and I was struggling as loosing it all , there is not easy way out the other person thru marriage is entitled to the home assets as being party to residence regardless. unfair well 2 sides they make a home etc so they contributed to it. any distraction to fact cost monies and solicitors hope you argue as the income goes up for them!

[ieshaitv]

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