Lump sum order

Hi,
After 3 year litigation period, my divorce was settled last week. My ex got the matrimonial home and i was ordered to pay her 75k by way of a lump sum order by 2nd November 2013. I have a portfolio of 11 investment properties worth 1.2 million but all are mortgaged at a total of 1.4 million so in debt overall. I dont have any other assets. I cant pay the 75k. can someone please advise
Thanks
Zirus

If the court imposed the order upon you, it is likely that your valuations were not accepted and/or it is believed that you have other assets. Was any of this covered at the final hearing?

Charles

Hi charles
Thanks for your reply. The valuations were based on Internet valuations and were accepted as acceptable because a previous judge had ordered that valuations using my source and valuations using her source combined to give an average could be used. The only other asset that was discussed was a deposit of 45k euros paid for an overseas development. I explained to the judge that this money was paid from my own funds on an apartment in Italy in June 2008 which was due for completion in June 2009. To date there has been a plague of disasters regarding this development and furthermore in January of this year the whole site was investigated by the Italian police and is under investigation under the money laundering laws and mafia connections. I further explained to the judge that it would take me 2 to 3 years litigation in the Italian courts to try to recover any deposits paid. I really don''t have any money and fear the worst.. Custodial sentence

There has to be a reason why the judge came up with this figure. Has your ex made any investment into any of these properties? Is there positive equity in any of the individual properties even if there is negative equity overall?
What was the recommendation at FDR? What did the judge at Fh say when they went through the settlement order?

Hadenoughnow

My ex insisted that she helped financially in building up the portfolio although she couldn''t prove that she had done so through financial input. She convinced the judge that she ran the household, maintained a job and at all other times helped me in the renovation of the investment properties. The recommendation at fdr was for her to move back into the matrimonial home as it was then standing empty and fdr judge ordered further requirements from me such as tenancy agreements. He also ordered formal valuations to be carried out using single joint expert valuations .but this method could not be used because of the costs. Further Directions hearing was heard and the judge who had suggested that he would manage the case through told us that he was moving on and fixed a date for final hearing. Of the properties that are in positive equity there is only 2. I have already commissioned a sale on the one that has the most money in it but it would only achieve about 20 k. The other house in positive equity will only realise 10 k