Divorce process - share of equity

[Kittley]

Hi all, early stages of a divorce process with my ex husband. We have no children and just have the share of the house as the asset. We're amicable for the most part and still live together until I find a rental to move in to. We've agreed he will stay in the house we currently own and he will buy me out.

We're currently within the 20 week cooling off period of the divorce process and can apply for the conditional order in March 2025. He will be applying for a financial consent order so there's a record of the equity share that he will give me etc.

When do you normally get your share of the equity if your ex is buying you out? He's saying it will be once the financial consent order has been approved by the court so we're talking potentially June/July next year. Thanks

He is right and wrong.

You can both sell the house now and split the proceeds. Or transact him buying you out. There is nothing stopping that. But..,,

there is a risk that the agreement you reached may not be approved by the court. Say he gives you £250k but is then told he needs to only give you £200k by the judge in July next year. Or he has to give you more money he doesn’t have. He has a problem that may not be easy to fix.

There is a risk that most people are advised not to take re transacting the split before it is approved. Some people do and it is fine. But there is a risk.

I have no idea how much if a risk.

If you both earn the same and have the same pensions and are healthy then 50:50 is obviously a fair split. It would be a no risk option to go ahead. But there is still a chance some circumstance could change.

I thought the court only got involved where there is a disagreement that can’t be resolved through mediation. If all parties agree and it’s 50:50, why would the court not approve it?

The judge has a responsibility to ensure that any agreement is fair and not coerced. If they are concerned that the deal isn’t fair they may not approve it until both parties have sought and received independent legal advice.

plenty of people post on here about a fair or 50:50 agreement they have reached. But it’s obvious not 50:50 because assets are being excluded or treated incorrectly. And then it is obvious there are signs it is one sided with one party being pressurised or taken advantage of.

Anyway it is a risk and the circumstances would inform how much of a risk in terms of likelihood or impact.