MOJO RISING
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I'm in the later stages process of separation with divorce going before courts soon. I h have been renting for the past 15 months. The soon to be agreed divorce separation stipulates that she and the kids are to remain in the family house. the agreement see her the kids stay in the house until youngest is 18. I am in agreement with this and will sign the house over to her based on an agreement which has passed muster with my solicitor. The mortgage will be continued to be paid off by ex which is about a one third of the equity. The agreement is that when the youngest child is 18 the family house is to be sold or of I receive my owed equity. I will then receive the frozen equity which is approximately 160,000. Will I have future capital gains liability be on this considering that it is a frozen equity and over the next 10 years or so? the proceeds will not be from PPR.
My question is how I put something in place with revenue so that I don’t end up with tax implications due to the settlement agreement. I will have a few tough years but the future equity release will be my financial rescue so to speak, I will have enough money for a deposit to buy a house myself this year.
My question is how I put something in place with revenue so that I don’t end up with tax implications due to the settlement agreement. I will have a few tough years but the future equity release will be my financial rescue so to speak, I will have enough money for a deposit to buy a house myself this year.