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History: Home UK Divorce Forum
Topic:
House is sold - splitting proceeds (4 Posts)
Started By:
Date:
13 July, 2017 04:22AM
House is sold - splitting proceeds
Marsbar44 - 13 July, 2017 04:22AM
My wife and have been separated for 5 years though nothing committed in writing. We agreed to sell the marital home which was mortgaged in my name only. Sale completes in 2 weeks and a reasonable profit will be made. I want my solicitor to pay a given amount directly to my estranged wife and the rest to me. They say that as the house was in my name and we are not going through a formal separation or divorce then all funds come to me then I divvy them up. Surely I can say who I want the money to go to as it was in my name. My ex will not be happy if she's waiting for money to come from me. Any help/advice appreciated.
Re: House is sold - splitting proceeds
HatMan - 13 July, 2017 09:18AM
Why is it a problem? You get the money and pay her what you agreed an hour later by BACS, the solicitor is not going to split the money for you as the house is entirely in your name.
Re: House is sold - splitting proceeds
Bubblegum - 13 July, 2017 11:47AM
I would be very careful splitting assets without a legally binding agreement. She could blow her share and then come back to you asking for more through the courts in divorce proceedings. Even if she doesn't blow the lot there is still a risk of her asking for more at a later date.

If I were you, I would start divorce proceedings ASAP and get a clean break consent order sealed from the Court.
Re: House is sold - splitting proceeds
davidterry - 14 July, 2017 01:23PM
You should not pay any significant sum of money to your wife except within the context of a final and formal order made in the context of divorce proceedings. This can be done by consent and it can be done (relatively) quickly if you are both agreed. You would be very unwise to pay any money outside of this context. If your wife is anxious for the money you can use that as leverage to get the divorce and the financial settlement finalised quickly. If you do not do this you will almost certainly live to regret it at a later date.
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