Norman Howe (CR 374320), Aaron Hornsby (CR 501694), Dean Bassett (CR384704) and Strat X Advisory Pty Ltd (CR 518901) are Credit Representatives of Finsure Finance & Insurance Pty Ltd (ACL 384704). Norman Howe and Strat X Advisory (ABN 47 633 471 897) are Authorised Representatives of AVALONFS Pty Ltd (AFSL 437518).
CLIENT STORIES
Tips for Paying Out Your Ex Late in Life
Partner separation late in life can be a difficult time emotionally and financially – especially if you plan to buy out your partner so you can remain in your family home. If this happens to you, seek quality professional help as the major banks will make your life extremely difficult.
When our 56-year-old client separated amicably from her ex-husband, they mutually agreed on how they would distribute their assets. Our client was the main income earner, and as a result had acquired two investment properties in her name and jointly purchased her family home 20 years ago.
Our client decided to remain in the family home and wanted to use the equity in her family home to get cash to pay out her ex-partner but was unaware she was going to become trapped as the major banks would insist on an expensive legal property settlement document even though they had amicably agreed on how they would split up their assets.
Due to our client’s age, many lenders wanted to restrict the loan repayment term, which made any loan repayments unaffordable. The other big challenge we had to overcome was finding a lender that was prepared to provide the cash out without the expensive legal agreements for property settlement.
By overcoming this by tapping into our extensive list of lender contacts until we found the perfect fit for our client, she was able to regain control of her situation and no longer felt trapped because she could pay out her ex-partner with a loan from the bank and her own savings in an affordable way and without unnecessary legal fees.
Our solution meant our client did not have to disclose the reason for the cash out, nor have this money paid directly to her ex-husband by the lender at their discretion, instead empowering our client and providing her long sought-after control over her own finances through this very emotional time.
The end result is our client is now free from owing her ex-husband anything, making her fully financially independent and sole owner of her assets, living in her family home, and enjoying financial peace of mind with a lending solution that is affordable and an exit strategy to clear the debt when she fully retires in the future.