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Divorce and preparations for property buy-out by one partner

26.07.2021 12:57:27


My wife and I are planning to divorce in the coming months having been married since 1995 but separated for the last 5 years (after the marriage broke down she moved 150 miles away and rented a place close to her new workplace). We have a large house (6 beds) with two grown kids still at home, but who are likely to be moving out in the next year or so. The house is fully owned by us and there is no mortgage, and in the event either of us dies, our wills state that our half transfers to the kids.

Covid restrictions eventually forced my wife to return to the marital home and work remotely, but fortunately because of the property size we have successfully continued living separate lives for the last year under the same roof, and we still get on cordially with each other. But she does not want to rekindle the marriage nor to find someone else, nor prevent me from finding someone else either (I am actively looking), so it makes sense to now clear a path for a new relationship and potential remarriage on my part. Depending on how things pan out in a new relationship of mine, either a new partner could buy my wife out in due course, (she most likely wouldn’t be my wife by then but just a joint owner living in the house) or she could buy me out perhaps using equity release from next year, when she will be 55. Pension-wise we both have our own and would just propose to keep our own entitlements. Is all this a situation could help with, does this sound like a reasonable plan, and what might the costs be?

Replies (1)

Holly from amicable
28.09.2021 10:44:29

Hi Martin, thanks for your question. Absolutely, amicable can help you with this. We will be in touch shortly.


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