Buying spouse out of property

[separated123]

Could anyone tell me whether, if both parties are willing, the date for the payment of a divorce settlement can be set for the future. i.e. transfer the house and mortgage to a single owner in return for a financial settlement but agree not to pay that settlement until X years in the future?

Thanks

I'm not sure but it might be. You should get the financial order through the court anyway and the judge might find it a reasonable arrangement and agree to it.

I believe much will depend on other factors too and if it is a fair sharing of finances and assets.

Yes. Look up Mescher orders and Martin orders. They are kinds of deferred settlements.

Many thanks!

You don’t even need a special order.
I gave my XH ten years to pay me the equity from our joint home, simply because it would have been hard for him to raise a re-mortgage at that point. I had a second charge out on the property, and rules added to the Consent Order - e.g. if he sold, he had to buy me out then. We agreed a % of the value, so my money was growing with the increase in property prices (at the time) so I considered it an investment.

@Cocomarine akaik a charge back with specific end points stipulated in the consent order is a type of Mescher order. Often the end points relate to the age of children. Without children it might be called a Martin order.

You just need to be careful that you'll be able to afford the house at the point where you have to buy the other person out. Otherwise you might have to sell it in the future.

Courts prefer clean breaks, but it's not always possible.