Crowd funding your divorce daft or just right
Crowd funding your divorce daft or just right for you at a time when reaching a settlement in an upsetting divorce for your family seems impossible. An article in the Telegraph about products being developed by lenders being labelled “divorce mortgages” has caught the attention of divorce specialist solicitor at Cheshire firm Stonehewer Moss Michael Brennan .
Modern venture capital methods in recent years have included crowd funding, using social media to invite funding for a project. Michael comments, “Read this article if you are in that unenviable position of not feeling able to fund a divorce settlement and see what you think. Divorce proceedings must be confidential but with a bit of imagination and collaboration with your ex or his representative it may be that a novel approach to reach your preferred outcome can be given a chance.” The settlement of a divorce involving the family home will be determined according to the requirement of statute to reach a fair outcome in all the circumstances, that can involve dealing with the property by sale or transfer; in some instances the house might simply be retained until certain factors arise and the sale will result in a distribution on a basis settled as fair, which may not be equal.
Crucially, the Courts have also in the past transferred the house and given a charge back to your spouse if for some reason you cannot raise enough for a buy out. Michael continues, “This final option is intriguing, as psychologically many divorcing spouses hate the idea of their ex keeping a tie; perhaps with good reason they want the name of their ex off the title. This new approach to funding might be creatively used to give somebody other than your spouse who takes a share of profit on sale that charge back on transfer from joint names of the divorcing couple into a sole name.” The article can be read at http://www.telegraph.co.uk/personal-banking/mortgages/the-trauma-of-losing-your-home-in-middle-age—and-the-divorce-m/
Crowd funding your divorce daft or just right for you, certainly a creative tool to see a way forward from divorce.
For a no obligation discussion, advice, negotiation or representation upon a family law problem call Stonehewer Moss on 01606 872200 e mail firstname.lastname@example.org visit www.stonehewermoss.co.uk
Tags: amicable divorce