Have a bit mixed fillings so please, can you help me with some queries.
The situation at present is:
- The house is registered in my husband name only. There is a mortgage on half of the value of the home, borrowed in my husband’s name only against the house. The repayments are behind. Since the separation a year ago me and children live in the matrimonial home.
My lawyer told me that if I sell the house now and discharge the bank loan, the balance will go into “trust fund”. My question is: Who would have control over the “trust fund” where the balance is to go – is it both my and ex husband’s lawyer – or who, and to what extent? What can it be used for?
Whould the lawyers be able to use it for financing case costs without my knowledge?
Since this would be my only part of sett
Family Law Attorney
It's unclear from your question whether your soon-to-be-ex-husband is on board with the idea of selling the house. If he's not, you can't sell it without a court order for sale. You and your ex have control over what happens to the sale money; it can go into once attorney's trust account, a joint signature trust account under the control of both attorneys, or you and your soon-to-be-ex can even agree to simply divide it immediately.
Estate Planning Attorney
Given that you are currently represented by counsel, your best course of action would be to have an open and frank conversation with your attorney about these issues.
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