Small asset pool
#42868 (In Topic #7190)
If there is only a small marital asset pool, and one party (party a) is court ordered to pay the other party (party b) an amount and if they don't pay it by a certain date, the house that's in their name only (party a's) has to be sold….what guarantees that the sale of the house will achieve the actual amount that party a has to pay party b?
There is no guarantee at all. In fact it often transpires that the property is sold and the revenue after expense and agents fees, advertising costs and conveyancing is much less than the required funds to pay out. A recent sale had an auction estimate between 900k and 1mil and sold for around 785k at auction. Fortunately there was enough to pay the bank mortgage and a little left after paying legal costs of 76k (father) and 126k (mother) respectively. Party (a) should endeavour to sort some package out as selling at a forced auction or sale is never going to be the best option. Even if party (a) has to borrow additional funds to pay out party (b) at least then there can be an orderly sale.
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