Jump to content
House Price Crash Forum
robbingXpat

Divorse

Recommended Posts

One of my rare posts (but couldn't resist it).

Talking to an old friend last nite, their two offspring (just sub 30 years old) have returned home to mum and dad (for different reasons).

The son has been divorced, "and lost everthing" they told me, the ex wife is still in the 4 bed family home, with a new fella, etc.

Told me how the odds are all stacked against husbands, wife gets everything, etc. etc.

Well eventually I discovered through our conversation that they had virtually NO EQUITY in the property (before the current drops!!), the property was signed over to the ex -wife as part of the settlement, so my thoughts are that the fellow did well to offload and move on.

So, from the conversation his ex is 100% responsible for the mortgage!

In summary, how do you lose everything, when you ain't paid for it? The home was about 99% debt.

Regards,

grey top (boomer?).

Share this post


Link to post
Share on other sites

One of my rare posts (but couldn't resist it).

Talking to an old friend last nite, their two offspring (just sub 30 years old) have returned home to mum and dad (for different reasons).

The son has been divorced, "and lost everthing" they told me, the ex wife is still in the 4 bed family home, with a new fella, etc.

Told me how the odds are all stacked against husbands, wife gets everything, etc. etc.

Well eventually I discovered through our conversation that they had virtually NO EQUITY in the property (before the current drops!!), the property was signed over to the ex -wife as part of the settlement, so my thoughts are that the fellow did well to offload and move on.

So, from the conversation his ex is 100% responsible for the mortgage!

In summary, how do you lose everything, when you ain't paid for it? The home was about 99% debt.

Regards,

grey top (boomer?).

sounds like a good move, he just signed away a life time of debt onto his cheating partner :lol:

she will get her mortgage paid courtesy of HMRC.

new fella will go on the state realising he just took on the debt for services rendered

my old man is a LL, mainly DSS, seen this pattern a 1000+ times !!

In 20 years or so what will become of all the ladies that choose "the state" as their husband/provider ?

-too old to attract new money via old methods

-no skills after a lifetime of playing the system

-a bankrupt sugar daddy state who can/won't provide

-no home after a life time on HB's/renting

-no personal pension/husbands pension

-most available males refuesing to risk their assetts via cohabiting/marriage

interesting how it will all pan out.

Share this post


Link to post
Share on other sites

The son has been divorced, "and lost everthing" they told me, the ex wife is still in the 4 bed family home, with a new fella, etc.

Told me how the odds are all stacked against husbands, wife gets everything, etc. etc.

Well eventually I discovered through our conversation that they had virtually NO EQUITY in the property (before the current drops!!), the property was signed over to the ex -wife as part of the settlement, so my thoughts are that the fellow did well to offload and move on.

So, from the conversation his ex is 100% responsible for the mortgage!

That lad has had a lucky escape. In ten years time he is going to look back and he is going to laugh himself silly.

Share this post


Link to post
Share on other sites

One of my rare posts (but couldn't resist it).

Talking to an old friend last nite, their two offspring (just sub 30 years old) have returned home to mum and dad (for different reasons).

The son has been divorced, "and lost everthing" they told me, the ex wife is still in the 4 bed family home, with a new fella, etc.

Told me how the odds are all stacked against husbands, wife gets everything, etc. etc.

Well eventually I discovered through our conversation that they had virtually NO EQUITY in the property (before the current drops!!), the property was signed over to the ex -wife as part of the settlement, so my thoughts are that the fellow did well to offload and move on.

So, from the conversation his ex is 100% responsible for the mortgage!

In summary, how do you lose everything, when you ain't paid for it? The home was about 99% debt.

Regards,

grey top (boomer?).

The former spouse might not necessarily have escaped liability for the mortgage, if the lender stipulated that he remain bound by his mortgage covenants.

Share this post


Link to post
Share on other sites

Signing over the house in divorce might mean nothing to the mortgage lender - they may still come after him?

Why did the other child return home?

I think we will see a huge increae in divorce in the next 36 months here in the UK alas.

Share this post


Link to post
Share on other sites

The former spouse might not necessarily have escaped liability for the mortgage, if the lender stipulated that he remain bound by his mortgage covenants.

Yes, the only way to get out is through a refinance by the wife. "Signing it over" usually just means she has exclusive right of residence, with no impact on the lender's security.

If the husband has been financially screwed he might consider the opportunity of bankruptcy while his folks are still happy to keep him at home. It will get him off the hook for the mortgage debt and after discharge he'll have greater control of his income, although the courts will probably force him to keep paying the mortgage.

There is no doubt mothers are taking the piss on divorce settlements. And on state benefits. It's a mystery to me why this continues.

Share this post


Link to post
Share on other sites

Yes, the only way to get out is through a refinance by the wife. "Signing it over" usually just means she has exclusive right of residence, with no impact on the lender's security.

If the husband has been financially screwed he might consider the opportunity of bankruptcy while his folks are still happy to keep him at home. It will get him off the hook for the mortgage debt and after discharge he'll have greater control of his income, although the courts will probably force him to keep paying the mortgage.

There is no doubt mothers are taking the piss on divorce settlements. And on state benefits. It's a mystery to me why this continues.

I'd agree - make sure that he has severed every single link, and any assets that he makes in coming years get them offshore or in a format that his ownership cannot be pursued. An option to consider is giving control to someone single that you trust, with a private legal agreement showing true ownership. I suspect that as the economy crumbles, a lot of divorce settlements where the wife got the house +mortgage will be revisited with the support of the courts - poor wife forced to sell up whilst ex-husband lives life of riley etc etc. Having seen just how screwed the higher earner is getting at the moment anyway, imagine how bad it is going to get when the bad times really bite.

Share this post


Link to post
Share on other sites

sounds like a good move, he just signed away a life time of debt onto his cheating partner :lol:

she will get her mortgage paid courtesy of HMRC.

new fella will go on the state realising he just took on the debt for services rendered

my old man is a LL, mainly DSS, seen this pattern a 1000+ times !!

In 20 years or so what will become of all the ladies that choose "the state" as their husband/provider ?

-too old to attract new money via old methods

-no skills after a lifetime of playing the system

-a bankrupt sugar daddy state who can/won't provide

-no home after a life time on HB's/renting

-no personal pension/husbands pension

-most available males refuesing to risk their assetts via cohabiting/marriage

interesting how it will all pan out.

You know, I often wonder whether any of the non-working mothers/couples that rely on state benefits to live ever think about what will happen later in life. There will come a point where they cannot have more children and dependency benefits will be withdrawn; they will be left in absolute penury, even considering they may have publicly-funded housing.

The sister of one of my oldest friends lives off state benefits with her unemployed husband, and they have two primary school-aged children. He is a lot older than her, so when the youngest child reaches 18, he will be in his 60s with decades of unemployment behind him; I suspect he will simply just not find any work whatsoever. She will have two decades of unemployment behind her with no educational or experience base from which to go back to and attempt to develop.

And once the dependent benefits are withdrawn, they will be transferred to JSA unless they qualify for disability, which seems very unlikely scenario for them considering the fiscal tightening that will occur over the next decade. So when their youngest reaches 18, they will end up on, what?, £100 a week between them? For everything? Until they qualify for a state pension at 70?

My friend keeps trying to get her sister to consider part-time work when the youngest starts school, so she, at least, has some employment experience but her sister refuses to even entertain the idea.

Share this post


Link to post
Share on other sites

There is no doubt mothers are taking the piss on divorce settlements. And on state benefits. It's a mystery to me why this continues.

That's because you aren't Thinking Of The Children

db

Share this post


Link to post
Share on other sites

You know, I often wonder whether any of the non-working mothers/couples that rely on state benefits to live ever think about what will happen later in life. There will come a point where they cannot have more children and dependency benefits will be withdrawn; they will be left in absolute penury, even considering they may have publicly-funded housing.

The sister of one of my oldest friends lives off state benefits with her unemployed husband, and they have two primary school-aged children. He is a lot older than her, so when the youngest child reaches 18, he will be in his 60s with decades of unemployment behind him; I suspect he will simply just not find any work whatsoever. She will have two decades of unemployment behind her with no educational or experience base from which to go back to and attempt to develop.

And once the dependent benefits are withdrawn, they will be transferred to JSA unless they qualify for disability, which seems very unlikely scenario for them considering the fiscal tightening that will occur over the next decade. So when their youngest reaches 18, they will end up on, what?, £100 a week between them? For everything? Until they qualify for a state pension at 70?

My friend keeps trying to get her sister to consider part-time work when the youngest starts school, so she, at least, has some employment experience but her sister refuses to even entertain the idea.

it sounds like it is probably over for your friend's sister and husband. Maybe you could look out a bit for the kids, maybe, and try to instill a work ethic in them?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.