Terry & Co Home

assets after divorce
November 12, 2020 11:39PM
i would like to know your opinion, on whether it is feasible that a FMH that is retained by one of the parties in divorce , [and would be mortgage free in retirement.]could be classed as an income source,that could be tapped into in retirement. and reducing the needs claim .apportionment against the other spouses pension in retirement ? our if that's not possible could a valid argument be made in court .that one spouse is mortgage free, and other ex spouse . is going to be left renting as they our not able to get a mortgage and this should be taking into account in a needs base divorce .thank you .
Re: assets after divorce
November 13, 2020 11:08AM
Courts do not generally regard the matrimonial home as an income source. Typically the matrimonial home is the only significant asset apart from pensions and more often than not the whole of the equity in that matrimonial home is required to provide for the housing needs of both spouses after divorce. If for some reason it is not possible to sell the matrimonial home immediately because, for instance, it is needed as the home of dependent children then it is usually possible to sell it later (for example when the children cease to be dependent) and to divide the equity at that stage.

It is not normally regarded as fair that one spouse should end up living in a mortgage free property while the other has to rent. More often than not that type of situation is only temporary (albeit one possibly lasting for years) until the former matrimonial home can be sold and the equity divided. It sounds as though you are looking at an unrealistic outcome.
Sorry, only registered users may post in this forum.

Click here to login