Hi All,
I’m looking for some advice. As per a previous post I’m going through a divorce. As a result my wife has moved out and a possible option is for me to buy my ex’s share of the property. The idea being that once an agreement is reached a consent order would be submitted to the courts and the settlement would occur to transfer the property into my name.
Perhaps a silly question, though do you know if there is a way my ex could then claim some of the property in the future? For example, if I hold onto it for a couple of years and sell it – would she be able to claim some of the gains?
I would have thought that once settlement is done that’s it though just wanted to check if this is the case? Perhaps someone else has been through this?
Thanks in advance!
make sure the wording of the consent order exludes this.
However, It could still be possible if you make promises or she is able to get a new interest in the property – by helping you pay hte mortgage, renovate etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
Thanks for the prompt reply.
In regards to new interests, I’ve always paid everything related to the property since we’ve owned it (mortgage, rates etc). We did both re-mortgage to renovate the property though this is in the past.
I assume when you say helping to renovate – your meaning in the future? Eg, she moves out, the property is settled, I then decide to do further renovations and ask her to help out?
cheers
Wayne
Yes I meant future.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Okay – thanks Terry:)
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