Me and my husband are looking to get divorced after he had an affair.
We own one house together and he owns another house in his name only. The house we own is on the market and once sold we should make a decent profit from it as we did a lot of work to it, around 100k.
In all we probably put in the same amount, only trouble is his contribution is traceable as he put down the deposit of 30k, whereas I paid fees, put in a new kitchen bathrooms and my Dad did all the labour for 5k (we had a quote from a builder at around 60k) so this saved us money. The building work and fittings all make the house value a lot higher but my husband is saying he should get more as he put in a solid deposit.
He earns around double my salary and we both contribute into a joint account where the mortgage and bills come from, he only pays £200 more than me even though he earns so much, so he has managed to save up loads of cash into his separate savings. He offered to buy me out for £12k and I was insulted!! Am I right to be, what are my chances of winning a fair settlement - 50/50?
Advice would be welcome, I''m going to see a solicitor in a few weeks but I think I''ll go out of my mind with worry by then. He cheated yet he thinks he will come out with everything and I''ll be left with nothing having to start all over again.
One important question is how long you were married and did you cohabit beforehand. This will make a difference.
Also do you have any children?
What is the current market value of the FMH and how much is the outstanding mortgage?
All assets go into the marital pot for division no matter whose name they are in. How they are divided will depend on a range of factors including length of marriage, ages, incomes, whether there are children etc.
If there are no children involved, that makes it a bit simpler.
The rule of thumb in a short marriage is usually that you take out what you put in ... and profits of the marriage are split 50:50. This would include savings he has built up as well as any increase in the value of the FMH. It could also be argued that it would include any increase in the value of the property in his sole name ... you can certainly use it as a bargaining chip! Have you any idea how much he has in savings?
I understand that your contribution is harder to trace ... but surely you will have ... or can obtain ... details of bank payments for things like bathroom fittings, fees etc. Your Dad''s contribution is a trickier one to argue .... contributions from family in the form of loans are treated as soft .. ie not intended to be paid back. Am not sure how it works if the contribution is labour.
When the house was purchased, pre marriage, did you have any kind of deed of trust setting out how it was owned - ie who had what share? Or was it a straight 50:50? Are there any similar -non improved houses around you that have sold recently so you have an idea of the impact the work has had on the value?
At the very minimum you should be walking away with some £40k. Any more may take a bit of an argument to get ... and could cost a lot in court fees. You may think it is worth it.. especially if £40k is not enough for you to rehouse.