Can you set out your position .
How long have you been married, do you have children , if so , how old are they, do you own a property ,if so is it jointly owned and how much is worth and how much do you owe on the mortgage.Do you and your wife work and if so how much do you each earn roughly.Do you have any savings or pensions and how old are you both?
There is little to divide here given that you have no children and are both victims of the financial depression that has gripped all of us.There is little point in selling the house and creating another debt so the idea of hanging onto it and riding out the storm is better.What you do need to do is decide what ultimately will happen to the house and whether you want to try to keep it.Your suggestion of a repayment mortgage is not unreasonable assuming you can afford it since a repayment mortgage is more expensive than an interest only and you have other debts to deal with. Given your ages the pension difference is irrelevant
So botXXXXX XXXXXne you need to think about the house then just do the divorce paperwork here.
If you have any other questions please reply and I hope you get through it all.
Since your wife is a financial advisor and having your house repossessed suggests a lack of natural talent in the financial advising area it is possible that she could lose her job.It would depend on the terms of her employment contract
The court will not order the sale unless there is no viable alternative. However they will not force her to keep the house and pay towards it if she does not want to and is no longer living there. As such keeping the house would depend on whether you can pay the mortgage on your own or persuading her to keep it until the market improves
If you wait until it goes to court then you are likely to end up paying your wife's legal costs.In addition she could get conduct of the sale which loses you control over the house completely.You would be better to negotiate a realistic time frame for sale with you selling it .You would be better to involve a solicitor now than wait until you are in court and the solicitor can do nothing about the situation anyway
Can I check one last thing can my wife remove my name from our joint bank account? It look likes this has been done?
If my wife is says she cant afford the mortgage payeent because she has rent to pay even though its joint could I be ordered to make some payment to her living expenses as im living in the property?
The court will order the sale if there is no real alternative even if it means you both suffer a loss. This is because unless you can afford to pay all the mortgage then the situation is untenable, the mortgage will fall behind and the house repossessed anyway.So in those circumstances the court will order sale as repossession will simply cause greater loss than selling now.The only answer is if you can pay all the mortgage on your own.The court will not expect your wife to pay towards the mortgage if you are living there when she needs a place to live too.Whilst you would not be expected to pay anything towards her rent and expenses you cannot expect anything from her to keep you in the house
As for the joint account you are deemed to own half of it each so if she has taken all the money from the account she owes you
But what if the sale of the house puts us in a position that neither of us are able to pay the loss, surely they would recommend to hold house until such times the equity would increase?
Only if you can afford to pay for it because it may take years for the property market to recover.The court are not going to bind your wife into paying towards a house she is not living in for an indefinite period of time
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