You and your ex have reached an agreement about your property settlement or at least part of it and you are going to “pay out” your ex and refinance the home loan and transfer the property into your name. You have applied for finance and you have been knocked back, what now?
Scenario 1 – Orders made by Court after hearing
The orders made by the Court will usually have default orders in the event this situation arises, usually requiring the sale of the property and for it to be listed for sale or auction within a period of time. If you really want to retain the property you could try negotiating with the other party about the matter, but usually if you have been to a hearing communications between the parties have broken down and they might not be amenable to such negotiations. Sometimes, the court may have given the parties liberty to apply with regards to the implementation of the orders, this may be an opportunity for you.
Scenario 2 – Orders made by Consent of the parties
These orders may contain default provisions regarding the sale of the property. If you really want to retain the property you could try renegotiating with the other party about the matter, whether it is for an alternate breakup of assets and liabilities or more time to obtain finance.
If there are no default provisions, the orders might have become frustrated and it may be they can be set aside. Alternatively, your ex may commencement enforcement proceedings including orders for the sale of the property.
Scenario 3 – Binding Financial Agreement
As these agreements have been prepared by lawyers, they likely contain default provisions. If you really want to retain the property you could try renegotiating with the other party about the matter, whether it is for an alternate breakup of assets and liabilities or more time to obtain finance.
Scenario 4 – Handshake deal
Where you and you ex have made a deal and have not formalised that agreement, there is nothing they can enforce. This can allow you more time to obtain finance. However, as there is nothing binding, your ex could file Court proceedings or refuse to comply with the handshake deal.
Generally with handshake deals parties are on more amicable terms and therefore may be open to exploring options, including more time to obtain finance.
Experienced family lawyers are seasoned negotiators. Most family law matters will settle with negotiations rather than orders made by a judge after hearing. As such, experienced family lawyers can advise you on your options, engage in negotiations on your behalf and represent you in court if necessary.