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Shortfall On Endowment/property Share...
Hello all.
I am going through the financial settlement part of the divorce and would like to know the following.
I am at the family home with my two daughters as the Wife/Mother left home. The Mother does not see her children.
I would like more than 50% of the property when the youngest turns 18.
We have an endowment that will have a shortfall on maturity.
Please can someone tell me that if I wish for more than 70% (just for arguments sake that is) of the sale of the property, do I therefore have to pay more (or 70% in this example) on the shortfall of the endowment?
Basically any fees will be split the same way as the agreed split/share of the property please?
Also, I know each case is unique but is there an average property share please? 50/50, 65/35 etc etc?
Kind regards and taking time our for this.
I am going through the financial settlement part of the divorce and would like to know the following.
I am at the family home with my two daughters as the Wife/Mother left home. The Mother does not see her children.
I would like more than 50% of the property when the youngest turns 18.
We have an endowment that will have a shortfall on maturity.
Please can someone tell me that if I wish for more than 70% (just for arguments sake that is) of the sale of the property, do I therefore have to pay more (or 70% in this example) on the shortfall of the endowment?
Basically any fees will be split the same way as the agreed split/share of the property please?
Also, I know each case is unique but is there an average property share please? 50/50, 65/35 etc etc?
Kind regards and taking time our for this.
Answers
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Like GG, I can't directly answer your question but I can help to explain her answer:
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I've been thinking about this further and trying to see it from the lender's perspective:
Your obligation to pay back what you borrowed when you took out the mortgage is 'joint and several'. That means that, if the endowment policy doesn't provide enough money to pay back what was borrowed, the lender can pursue either, or both, of you for the debt. In law, they have every right to demand that you pay back 100% of the remaining debt (or that your ex-wife does, or that you share the debt). It's entirely up to the lender who they pursue for their money, with your divorce settlement having nothing to do with their choice.
Your obligation to pay back what you borrowed when you took out the mortgage is 'joint and several'. That means that, if the endowment policy doesn't provide enough money to pay back what was borrowed, the lender can pursue either, or both, of you for the debt. In law, they have every right to demand that you pay back 100% of the remaining debt (or that your ex-wife does, or that you share the debt). It's entirely up to the lender who they pursue for their money, with your divorce settlement having nothing to do with their choice.
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