Divorcing - Need to Pull Out Equity

[RPI]

If you can avoid seeing a family lawyer but see lawyers that do the asset separation binding financial stuff where you both agree before going to the lawyer that helps. If you get into the emotional side or either you or her go see a family lawyer with a taste for blood (or fees) before you can sort it out in a friendly matter it gets expensive and the only ones who win are the lawyers.

There are good family lawyers out there, you may have to look hard though, unfortunately it attracts and/ or takes a certain type of person to do family law.

Whereas if you can find a lawyer who does NOT do family law but does binding financial agreements and treats it all as a financial transaction, you get the legal stuff done properly without going to court and wasting time on the emotional crap that costs money.

 

[Dazz]

If you get into the emotional side or either you or her go see a family lawyer with a taste for blood (or fees) before you can sort it out in a friendly matter it gets expensive and the only ones who win are the lawyers.

Amen to that.

As was noted above, all of the lawyers who replied instantly recommended doing nothing but consult a lawyer.

 

[Aaron_C]

Lawyers automatically assume that they win in a dispute - I find it funny how people so easily accept that.

 

[Terry_w]

Amen to that.

As was noted above, all of the lawyers who replied instantly recommended doing nothing but consult a lawyer.

This is a legal issue, the best person to consult would be a lawyer. If the poster was talking about painful headaches he would be referred to a mortgage broker.

 

[Tokala]

Thanks for all your advise.
I definitely will not be handing over any money until a binding agreement is in place.

 

[danwatto]

and some people win tattslotto but its pretty rare!

Sign agreement and get title in your name now, i have seen westpac hold the fixed rate and switch to one owner and continue loan term and also maintain LMI credit from original loan in divorce cases.

I don't see how this is possible. I ask STG if they would change the loan over to me instead of joint and they said I have to refi and pay the fixed rate break costs. Is Westpac policies that much different to St George?

 

[Tokala]

I think you need a binding financial agreement from lawyers, or courts documents showing that you are divorcing and splitting property before the banks will swap the name on the joint loan over to one person.

 

[Terry_w]

It is changing legal ownership so the banks will have to reassess the application and make sure the owner can afford the repayments and service etc. New loans need to be done but the bank could provide some leniency with the fees. Fixed loans would probably need to be broken. Any fee could be made up with savings from fixed at a much lower rate now??? If an investment property the fee may also be deducted.

 

[RPI]

We do the binding financial agreements, which can be pre, during or post relationship. We don't do the messy emotional stuff, custody etc. Find a lawyer who does not do family law, but can handle the financial stuff. Usually they are commercial lawyers, business structuring etc who do it on the way in to relationships for their clients. There may be others who do. Terry W is your way and would be more than capable of handling the BFA, don't know if he actually normally does so as he is already a very busy guy.

If you can get both parties to do a BFA without involving a divorce lawyer you will come way out in front. Might cost you a grand each if it is complex. BFA will allow you to do the title stuff etc that you need to do.

Stay away from divorce lawyers, Court etc otherwise both of you can kiss half of your assets goodbye in legal fees. The emotional cost is worse, a BFA you can resolve in a couple of days. Divorce lawyers and court will take months and it sucks. BFA's is an emotionless process that just deals with cold hard assets.

D

 

[Tokala]

Well, good news is that my PM found tenants for our PPOR turned investment house in Auburn.
This takes a bit of stress away, and I can concentrate on the property settlement.
$450 a week isn't bad for a 2 bedroom house, and will enable me to put the mortgage in my name alone when the time comes.
Well I hope it helps with the serviceability.

 

[Bigtone]

I don't see how this is possible. I ask STG if they would change the loan over to me instead of joint and they said I have to refi and pay the fixed rate break costs. Is Westpac policies that much different to St George?

that is what they will initially say but they will always do an exception if u ask nicely enough