QLD What to Do About Home Loans if I Move Out?

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24 November 2016

My wife and I have recently gone through a separation but we own our home and have 2 kids. She has asked to move out and I have said no. I have given her 2 choices: either she buys me out and we go our separate ways or we sell.

She does not have the money to buy me out and does not want to sell the house. I do not want to leave my name on the home loans if I move out. What can I do?
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Well-Known Member
20 March 2015
Your post is a little unclear. Do you mean she asked you to move out or she asked you if she could?

You can't just take your name off the home loan. Is she a joint borrower? If so, you are both liable to pay the loan back.

If you cannot reach an agreement your next step is to seek a property settlement. You may need to see a lawyer to do this.
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Well-Known Member
27 September 2015
Explain to her that you'll agree to move out only if there are consent orders signed and stamped that explain 2 things:

1. Arrangements for the kids
2. Asset division

You will both need legal advice around this, but this is what I'd suggest you aim at achieving. In the consent orders have it stipulated that you will pay XXXX towards the mortgage for a period of 18 months or until the house sells and that when the house sells that money is returned to you at time of settlement.

I had something like that in my consent orders. So that meant the ex could get me out of the house, which was her main objective. My time with the kids was rock solid and the money I paid was gonna be returned to me at time of sale, so I had a pretty slender 12 months where I was paying nearly 3/4 of the mortgage, child support and rent. But when the house sold, I got that money back.

In reality it is a reasonable approach to separating while accepting that financial separation would take time. My orders also said something about my ex being able to refinance to buy me out. She figured she'd just get a job and be able to achieve this. Of course she couldn't but she would not listen to me telling her that - she had to figure it out for herself...

So eventually - she worked out the thing had to sell and when it did the mortgage got paid out, then I got paid out and then she got the rest as her share of the asset division. Now if your ex is anything like mine, this is a good strategy. The other fun part was that it was agreed that she would get the rest of the proceeds of the sale of the house - which she seriously over valued.

Now there was also a clause in the orders that said that if it wasn't sorted in 18 months then it would go to auction on a fire sale or I could buy her out... So it sold for about $30 000 less than she thought, meaning that in reality she had all the risk to do with selling the house and when that risk didn't pay off. It was her loss...
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