Legal help/Advice please!
Discussion
I inherited a lifetime tenancy on a property approx 13yrs ago, and there is now a possibility of the property being sold with my agreement,me then receiving a cash sum.
My Ex husband (divorced over 2yrs ago) believes he is entitled to put a claim in for a share of the money. Is this correct? and If so what percentage would he be entitled to? and would I have to pay tax on the money I received?
My Ex husband (divorced over 2yrs ago) believes he is entitled to put a claim in for a share of the money. Is this correct? and If so what percentage would he be entitled to? and would I have to pay tax on the money I received?
Whether he is entiltled to a share in the proceeds on the disposal of the property would probably be dependent on the terms of the divorce settlement.
Regarding tax, there is the possibility of a Capital Gains Tax liability arising when the property is sold. Whether there is depends on many factors and you should seek specialist tax advice BEFORE you sell.
>> Edited by Eric Mc on Thursday 26th January 18:47
Regarding tax, there is the possibility of a Capital Gains Tax liability arising when the property is sold. Whether there is depends on many factors and you should seek specialist tax advice BEFORE you sell.
>> Edited by Eric Mc on Thursday 26th January 18:47
ohmeohmy said:
I inherited a lifetime tenancy on a property approx 13yrs ago, and there is now a possibility of the property being sold with my agreement,me then receiving a cash sum.
My Ex husband (divorced over 2yrs ago) believes he is entitled to put a claim in for a share of the money. Is this correct? and If so what percentage would he be entitled to? and would I have to pay tax on the money I received?
Yes, he is entitled to a share unless at the time of your divorce you both consented to a "clean break order" which is approved by a court during the divorce or at some point afterwards and upon the agreement of both parties and the court of course.
As far I I know, he will be entitled to claim for any amount if he can justify that he is entitled to it, or would have had access to the benefit of it had your marriage not broken down.
Logically, his maximum share would not exceed 50%.
If you put into the property solely (financailly that is) and he didn't, then you could get the amount reduced by agreement and quite substantially too but youwould have to support that with documented evidence.
I have good experience of this situation so please give me a shout if you need any help.
No fees, I'm not a lawyer!
HELLLLLLLLLLLLLp !!!
Kentish said:
I inherited a lifetime tenancy on a property approx 13yrs ago, and there is now a possibility of the property being sold with my agreement,me then receiving a cash sum.
My Ex husband (divorced over 2yrs ago) believes he is entitled to put a claim in for a share of the money. Is this correct? and If so what percentage would he be entitled to? and would I have to pay tax on the money I received?
Yes, he is entitled to a share unless at the time of your divorce you both consented to a "clean break order" which is approved by a court during the divorce or at some point afterwards and upon the agreement of both parties and the court of course.
As far I I know, he will be entitled to claim for any amount if he can justify that he is entitled to it, or would have had access to the benefit of it had your marriage not broken down.
Logically, his maximum share would not exceed 50%.
If you put into the property solely (financailly that is) and he didn't, then you could get the amount reduced by agreement and quite substantially too but youwould have to support that with documented evidence.
I have good experience of this situation so please give me a shout if you need any help.
No fees, I'm not a lawyer!
Sorry maybe I'm being unfair!!
You need good professional advice on this one.
My understanding is that the value of a property with a secure sitting tenant is reduced by at least 25% so I hope you're getting a good wack of the money to give up your secure (and probably cheap?) tenancy.
You need good professional advice on this one.
My understanding is that the value of a property with a secure sitting tenant is reduced by at least 25% so I hope you're getting a good wack of the money to give up your secure (and probably cheap?) tenancy.
) Kentish said:Would be greatful of any help you could give me but i cant seem to email u direct!!!
I inherited a lifetime tenancy on a property approx 13yrs ago, and there is now a possibility of the property being sold with my agreement,me then receiving a cash sum.
My Ex husband (divorced over 2yrs ago) believes he is entitled to put a claim in for a share of the money. Is this correct? and If so what percentage would he be entitled to? and would I have to pay tax on the money I received?
Yes, he is entitled to a share unless at the time of your divorce you both consented to a "clean break order" which is approved by a court during the divorce or at some point afterwards and upon the agreement of both parties and the court of course.
As far I I know, he will be entitled to claim for any amount if he can justify that he is entitled to it, or would have had access to the benefit of it had your marriage not broken down.
Logically, his maximum share would not exceed 50%.
If you put into the property solely (financailly that is) and he didn't, then you could get the amount reduced by agreement and quite substantially too but youwould have to support that with documented evidence.
I have good experience of this situation so please give me a shout if you need any help.
No fees, I'm not a lawyer!
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