VIC Buying home after separation

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I_m_determined

Active Member
13 December 2018
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Hello, experts.
A friend got separated and had about 50k in the property pool. The finance settlement is going on.

Assuming that the divorce is granted in the due course, there can be two scenarios:
1. The finance matter is settled.
2. The finance matter is still going on.

Considering the case that my friend gets over 90% finance from the bank to buy his home, what can be the potential problems raised by his ex.
Case 1: The finance agreement is made. I guess there should be nothing stopping my friend to buy a property as soon as the matter is settled.

Case 2: As the property would be financed from the bank and the remaining 10% would be from the savings made after the separation, can there still be problems for my friend? Can his ex claim any share in the property?

Thank you for advice.
 

Rod

Lawyer
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27 May 2014
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I_m_determined

Active Member
13 December 2018
7
0
31
Does this mean property settlement with the ex?

Or loan/mortgage agreement from a financial institution?
Sorry, for the confusion.

Case 1: Finance settlement with ex is done.
Case 2: Finance settlement with ex is ongoing. 90% plus finance is borrowed from the bank and the house is bought. This way, the fund source is new mortgage.
 

Rod

Lawyer
LawConnect (LawTap) Verified
27 May 2014
7,726
1,056
2,894
www.hutchinsonlegal.com.au
Case 1: Finance settlement with ex is done.

If Finance settlement = property settlement, then yes, all done and dusted with the ex, no comeback with additional claims (excluding fraud, duress, and incomplete disclosure).