Justice?

[TigerForce]

In the case of a jointly owned house or house owned by one of the partners, one partner will likely have to buy out the other partner according to the Family Courts Split arrangement. This is usually not possible, so what normally happens is the family home is sold and the net proceeds (after any mortgage) is split according to the Family Court's ruling.

I hope this helps, and please don't take it as "gospel". It's just my understanding having been through the process.

My question is: if the house split is re-calculated to be wife 90% and husband 10%, what happens if the wife can't buy out the husband's 10% split holding on the house?

At court, can the judge make a final decision for the husband to give/transfer his 10% to the wife or does she have no other choice but to buy him out someway? In other words, cash must be exchanged?

 

[tigertim]

My question is: if the house split is re-calculated to be wife 90% and husband 10%, what happens if the wife can't buy out the husband's 10% split holding on the house?

At court, can the judge make a final decision for the husband to give/transfer his 10% to the wife or does she have no other choice but to buy him out someway? In other words, cash must be exchanged?

 

[TigerForce]

My question is: if the house split is re-calculated to be wife 90% and husband 10%, what happens if the wife can't buy out the husband's 10% split holding on the house?

At court, can the judge make a final decision for the husband to give/transfer his 10% to the wife or does she have no other choice but to buy him out someway? In other words, cash must be exchanged?

Did you quote me as the answer to my question tim? ;D

 

[Rosy]

My question is: if the house split is re-calculated to be wife 90% and husband 10%, what happens if the wife can't buy out the husband's 10% split holding on the house?

At court, can the judge make a final decision for the husband to give/transfer his 10% to the wife or does she have no other choice but to buy him out someway? In other words, cash must be exchanged?

Not a lawyer but pretty sure if the ruling was as you state the judge wouldn't make a further ruling that the husband must give the wife his 10% because she couldn't afford to pay him out. If she couldn't find the money in some way the house would have to be sold and the proceeds split as originally ordered.

 

[tigertim]

Did you quote me as the answer to my question tim? ;D

sorry, I did have a lengthy response which seems to have disappeared! I basically wrote that you husband and wife can pretty much negotiate their settlement as long as both are agreeable. If 1 party won,t agree then a judge may intervene and make decisions.

 

[TigerForce]

Not a lawyer but pretty sure if the ruling was as you state the judge wouldn't make a further ruling that the husband must give the wife his 10% because she couldn't afford to pay him out. If she couldn't find the money in some way the house would have to be sold and the proceeds split as originally ordered.

sorry, I did have a lengthy response which seems to have disappeared! I basically wrote that you husband and wife can pretty much negotiate their settlement as long as both are agreeable. If 1 party won,t agree then a judge may intervene and make decisions.

And the judge's only decision would be a foreclosure of the house if the wife can't pay? (As Rosy has virtually answered above?)

If so, then it would only be in the husband's goodwill to 'transfer' his ownership to the wife......which rarely happens I suppose.

 

[Rosy]

If so, then it would only be in the hsuband's goodwill to 'transfer' his ownership to the wife......which rarely happens I suppose.

Would be very goodwill if he were to forego his share of the settlement when it was only 10% anyway.

 

[TigerForce]

Would be very goodwill if he were to forego his share of the settlement when it was only 10% anyway.

This is my female cuz's issue.

I've heard it was 70-30 and then 90-10 so I'm not sure what the actual details are anyway. Maybe just their solicitor's quotes. It's just what I've heard from my mum.

They're in a $1m house but he's asking for $300,000.

 

[glantone]

And what if the property is grossly overvalued like so many appear to be. The person who wants to buy the X out has to take an monster loan based on an figure inflated by fantasy.

 

[tigertim]

And what if the property is grossly overvalued like so many appear to be. The person who wants to buy the X out has to take an monster loan based on an figure inflated by fantasy.

you get an independent valuation.

 

[poppa x]

I feel very sorry for separating couples who can't come terms with a split of property or maintenance.
One of my daughters is going through this and it just gets uglier evry day.
On the other hand, when my former wife and I split up we did the agreement ourselves on a 50/50 split of everything, agreed to maintenance and the whole process took less than an hour. Our respective solicitors wanted us to argue in Court claiming they could do better (for themselves maybe!), but we basically sacked them and moved on.
Best move I ever made. Yes, maybe me or her could have got a tiny bit more, but we felt it was important the kids saw us behaving sensibly and not arguing.
Never forget the kids!

 

[tigertim]

I feel very sorry for separating couples who can't come terms with a split of property or maintenance.
One of my daughters is going through this and it just gets uglier evry day.
On the other hand, when my former wife and I split up we did the agreement ourselves on a 50/50 split of everything, agreed to maintenance and the whole process took less than an hour. Our respective solicitors wanted us to argue in Court claiming they could do better (for themselves maybe!), but we basically sacked them and moved on.
Best move I ever made. Yes, maybe me or her could have got a tiny bit more, but we felt it was important the kids saw us behaving sensibly and not arguing.
Never forget the kids!

geez, wish I had your wife!

 

[Rosy]

Jeepers it was our 31st wedding anniversary yesterday. I reckon the MOTH would give me the lot to get rid of me. :hihi

 

[glantone]

you get an independent valuation.

Yeah. I know. And one day you wake up to find the value of your over inflated property has just dropped a few hundred grand to a more realistic level while you’re stuck with a fantastic post marital debt. Breaking up is hard to do!

 

[glantone]

Jeepers it was our 31st wedding anniversary yesterday. I reckon the MOTH would give me the lot to get rid of me. :hihi

Wow, 31 footy seasons. Life members. Congrats Rosy! Me, I'm still in my teens - entering my 17th season of 'yes, ma'am'.

 

[TigerForce]

Ever since this Jimmy Savile sexual abuse case came out last year, it's been ticking my mind on who this high profile 82 year old Aussie entertainer involved in the story is.

Anybody have an idea?

 

[Azza]

The only one I can think of is Rolf Harris. According to Wiki he's 82 or so.

 

[michael roach]

The only one I can think of is Rolf Harris. According to Wiki he's 82 or so.

It is the wobble board man.

 

[TigerForce]

The only one I can think of is Rolf Harris. According to Wiki he's 82 or so.

Yeah it's him. Just noticed it when googling some UK websites. No charges but you wouldn't think he'd be dirty enough to sexually abuse kids/teenagers.....then again.....

Probably showed it when he broke down publicly and mentioned depression a few years ago.

 

[Azza]

Always seemed such a harmless sort of bloke. Shame