Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Flip

1 2

Original poster

Consent order / threat of bankruptcy

47 replies

Lilly239 · 26/05/2021 18:06

If 50/50 equity is agreed division with a deferred order (child remaining in family home untill 18)

I pay full mortgage payments but mortgage is in husband sole name

If he then went bankrupt to be nasty as he said he would do if we don’t get something agreed etc then how would I protect my 50 percent equity in house or protect the creditors trying to sell house to get money for example if young child living there?

Very very worried I need to get advice legally however it’s a wait to speak to anyone ...if anything could be worded in a consent order that would be protect me - any advice?

OP posts:

ThisIsStartingToBoreMe · 26/05/2021 18:31

What's a deferred order?
Are you in England?
Who is drafting your consent order?

Need more info really

Ohsugarhoneyicetea · 26/05/2021 18:53

I think your half would be protected so long as you are on the deeds i.e. a joint tenancy. But you need to check with your lawyer.

Original poster

Lilly239 · 26/05/2021 18:56

Deferred order is (Mesher order) to remain in family with a child under 18 untill that child turns 18, yes in England.

Apparently he wants a impartial solicitor to draw it up to be court ordered

OP posts:

Original poster

Lilly239 · 26/05/2021 18:59

I have matrimonial rights on land registry right now while the divorce going through but don’t they stop after the divorce is finalised ? I’m just worried that I agree to conditions in this consent order me paying family home mortgage (it’s in his sole name) then he goes bankrupt and the creditors come for the house because it’s in his name only but if it’s court ordered to have 50/50 or while my daughter is living at home and underage would I get any protection or if it’s needed I would need to know what could I put in a consent order to protect me interests and not have creditors taking everything
I’ll be getting advice from a solicitor but it’s while to wait for and I’m so very worried hoped someone on here had been through something similar that could give advice x

OP posts:

millymollymoomoo · 26/05/2021 21:19

Slightly off topic but Are you sure you’re not required to be named on the mortgage too ? I think you need to be?

Original poster

Lilly239 · 26/05/2021 21:51

I’m not on the family home mortgage as I was not working at time when it was applied for it’s the family home though. I don’t need to be on mortgage for any better interest or right to stay with daughter but what is concerning me is him being on mortgage I secure a deferred sale then he goes bankrupt just to screw us over anyway so I’m hoping there is atleast something that I could write in the consent order that give me atleast some protection of my equity / right to the home x

OP posts:

Tinkywinkydinkydoo · 26/05/2021 22:10

Can’t you sell the house and us the equity as a deposit for a new one? It will be really stressful if you’re constantly wondering if he’s going to declare himself bankrupt?! I’m assuming if he’s saying these things he doesn’t agree with you staying in the home so the courts will decide?

Original poster

Lilly239 · 26/05/2021 22:20

I wish we could not enough equity to go around 😖 I have been through every possibility with barrister on direct access previously and a Mesher is appropriate option but I’m so worried about this bankruptcy thing if there is anything I can do to protect my interests x

OP posts:

Original poster

Lilly239 · 26/05/2021 22:22

He’s saying either I pay legal fees and go all the way etc and loose loads of money and then he will go bankrupt once the Mesher order is place or come up with a agreement to stay in house an agreed Mesher etc and then still run the risk of him doing it and ending up with nothing either way. He’s basically blackmailed me all ways he even suggested to me to give him extra money on side as incentive to not do so :( and he earns so much more than me he doesn’t need it and I don’t have it but this is what’s being put to me by him...

OP posts:

chesirecat99 · 26/05/2021 22:32

I'm not a lawyer but I would guess that you should be added to the deeds as tenants in common with a legal agreement stating how much is owned by each party.

Original poster

Lilly239 · 26/05/2021 22:44

@chesirecat99 yes I understand what you mean do you mean to land registry? I have matrimonial rights currently on the deeds it’s named me and they sent me a copy , unless I take it off does it still remain on after my divorce goes through or did it possible to re apply and put my name on the deeds again but after the divorce but still I have interest in the home?

It’s a difficult question guys the original one as it’s just so legal isn’t it x

OP posts:

chesirecat99 · 27/05/2021 00:23

I'm not entirely clear on your situation.

Currently you do not own the house, you aren't named on the mortgage but your matrimonial rights are registered. Is that correct?

I think registering matrimonial rights just means that you have the right to live there, not that you own the property.

How are you dealing with the current equity? Is he buying you out and giving you cash? Or are you getting a share of the house and registering as co-owners? Then you are going to pay the mortgage payments, even though it is in his name?

If you are getting a share of the house, I guess you would register as tenants in common with him owning only the percentage he owns at this point. So he would own say 10%, you would "own" 90%, even though currently you only actually own 10% (if you are splitting the equity equally), 80% is mortgaged IYSWIM? As the mortgage gets paid off by you, you own more. I don't know if the mortgage company will agree to that though. You may need to be added to the mortgage. I am somewhat guessing based on a small amount of knowledge to try and put your mind at rest that there will be a way until your solicitor gets back to you.

If you can afford to pay the mortgage, why can't you get a mortgage yourself?

Original poster

Lilly239 · 27/05/2021 09:28

Unfortunately the mortgage payment I can afford yes as it’s a low mortgage payment just under £500 but that’s with my student finance and part time work (I’m at university to boost my furniture earnings) etc the actual getting a mortgage for that much at this time on what I am on is just impossible unfortunately but because my ex seems very controlling over his mortgage etc even though this was treated as a family home and ours for many years now he’s kinda trying to restrict me even though I’m paying mortgage in the potential agreement. I just wanted to make sure I was protected as much as possible before agreeing x

OP posts:

Theunamedcat · 27/05/2021 09:32

Can you not just sell the house and rent i know its a stepback but it gives him less control

SprayedWithDettol · 27/05/2021 09:34

Can you put a charging order on the property?

justanotherneighinparadise · 27/05/2021 09:36

Have you got all these threats in writing?

SprayedWithDettol · 27/05/2021 09:38

This might help

www.ft.com/content/2f6718d6-b853-11e5-b151-8e15c9a029fb

rattymcratrat · 27/05/2021 09:39

He can't just 'go bankrupt' unless his debts exceed his assets....

GappyValley · 27/05/2021 09:40

I’m not a lawyer but have co-owned property with non-spouses where I needed to ring fence my investment
You need to either alter the ownership to tenants in common with a 50:50 share, or put a charge on the property for your share

In the event of bankruptcy, the charge gets paid first (after the mortgage company) and the creditors would get what’s left
Or for tenants in common, would only have a claim to his 50%

Original poster

Lilly239 · 27/05/2021 10:16

He only said it to my face (clever) but he wrote down on a piece of paper with conditions and one he wrote was “Lily to give him £100 per month for debt” which if anyone saw that I’m pretty sure would say unfair he’s had all the major assets , earns more and has no care of the child involved it’s just blackmail but it’s scared me/ as I’m on less income etc so I only have it in writing as above but the actual threat was if you don’t give me that it’s an ‘incentive’ for him to not go bankrupt ... :(

OP posts:

vivainsomnia · 27/05/2021 10:44

Are there debts involved. Joint debts but all under his name? For how much?

FishyFriday · 27/05/2021 11:02

If you can afford the mortgage yourself, wouldn't it be better to remortgage in your name and for the consent order to either give you a disproportionately large share of the equity (since it's to house the child) or to defer his share of the equity until the child turns 18/you sell the house?

FishyFriday · 27/05/2021 11:04

But, as others have said, house ownership is not the important thing here. It may be better to take your share of the equity (and there will be because it's a marital asset regardless whose name it's in etc) and rent until you're finished university and in a position to buy yourself.

Original poster

Lilly239 · 27/05/2021 11:07

No joint debt no.

I can’t remortgage at this point my credit score is low and I don’t have the earnings for it it’s just not a possibility at this point but after some time after getting myself together I could get to that point but I need time x

OP posts:

Original poster

Lilly239 · 27/05/2021 11:09

On paper he’s has documented just under 3k debt on a credit card and he has finance for his new car (21k) the amount owning on it to ‘pay off’ is still 20k

OP posts:

Flip

1 2