Maintenance Payments & Divorce
17th September 2009
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One of the areas I specialise in is divorce and separation. Strange you may think, but very often when there is a divorce, there is a house. The house, and what to do about the house is often the cornerstone to the financial settlement. 

Although not always the case, often, the wife wants to stay in the matrimonial home with the children and ideally wants to take over the existing mortgage. The first port of call is the bank, and invariably, the answer from the bank is "Computer Says NO!"

This, however, is not always the correct answer as many lenders do not take additional income such as maintenance & tax credits into account. It is always a good idea to get a second opinion in cases like this.

I have a couple of tips if you are receiving maintenance, which will make life a lot easier if you want to use the maintenance as income. 

  1. Get the maintenance paid into a bank account - this way there is a paper-trail and the income can be verified. Some lenders will accept this as income if you have been receiving maintenance this way for at least 6 or 12 months. 
  2. Have the maintenance agreed via a consent order or court order. Some lenders will accept this as proof of income, even if you haven't received it yet. 
I do offer a free initial consultation, so if you would like advice about what options are available to you, I would be very happy to help. 


About the Author

Cheryl F

Member since: 17th September 2009

I provide holistic financial planning. The essence of my relationship with my clients is to help make it easier for them to manage their finances. This is achieved through personal, face-to-face advice...

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